Spain saturated with new homes

A record number of new homes in Spain are expected to come onto the market in 2008, according to Head of Research at the Bank of Spain, José Luis Malo de Molina...

The number look set to top last year's record tally of 641,419 completions, says Spanish Property Insight.

Speaking at a conference organised by the developers' association Asprima last week, Malo de Molina confessed that the Spanish property slump now appears to be far more acute than initially feared, due largely to the global credit crunch and a severe oversupply of homes.

The housing downturn is having a detrimental effect on Spain's wider economy, with thousands of jobs being lost.

Source: www.homesoverseas.co.uk/news