WHILE the Spanish property market recovers and houses begin to fly off the shelves, some properties will not be sold, says rating agency Fitch.
There are currently 600,000 brand new but unsold houses in Spain, and the agency predicts that some 150,000 will be ‘practically unsellable’ due to being ‘poorly located’.
The properties, which have lost around 67% of their value, are located in areas where the economic recovery is predicted to be slower.
On a positive note, the depreciation of properties has stabilised and, with unemployment falling (now at 22.4%), house purchases are on the rise.
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