AROUND 40% of Spain’s 1.6million unsold properties will take at least ten years to sell, a new report says.
Property consultancy firm RR de Acuña y Asociados states there is ‘no demand whatsover’ for this stock of 657,000 units.
In all, the report says there were 668,000 unsold residential properties in city areas and 331,000 on Spain’s coast at the end of 2014.
The analysts predict that 112,000 of these will be sold in 2016 and 2017.
Acuña y Asociados are predicting that property prices will rise by between 3% and 5% over the next two years,with buy-to-rent homes becoming popular with investors.
The report however warned that a change of government in December’s general election could spook investors, leading to a slowdown in the property market.