615,000 new Spanish homes finished in 2008

June 15, 2009

Demand for new homes in Spain may have dropped, but the number of new homes being finished is still close to record highs thanks to long lead times in the construction sector.

According to new data from the Ministry of Development (Fomento) there were 615,000 construction completions in 2008, just 4.1% less than the all time record of 641,400 in 2007.

Until August of 2008 construction completions were running higher than the previous year. After the summer the trend started to head downwards. Given the recent decrease in new housing starts, we can expect the trend to continue downwards for the next few years.

However, the surplus of new homes has resulted in better deals being available for clients seeking a new home in Spain.

For an extensive choice of new and off plan property for sale in Spain on the Costa Blanca and Costa Calida, visit the Novocasa website.