Housing Stock Grows at the Slowest Pace Since Recession

28/07/2014 – Expansion

Housing stock in Spain grew by 0.19% equal to 25.44 million dwellings throughout 2013. This is the slowest annual growth pace registered over the past decade, the Ministry of Public Works informs.

The lowest historic numbers of new housing developments and construction sites passed almost undetected.

Nearly three fourths (74.6%) of the total stock corresponds to main residences (18.99 million units) which inceased by 4.8% in regard to 2012.

On the other side, second and other homes declined by 11.2% to 6.45 million dwellings, hitting a record floor level since the beginning of the recession as in the years 2007-2012, the annual growth ranged between 0.5% and 2.3%.

Speaking of Spanish regions, in 2013 Andalusia won in stock possession with 4.39 million apartments, followed by Catalonia (3.88 million), the Valencian Community (3.16 million) and the Community of Madrid (2.93 million).

When it comes to non-main dwellings, their number fell most in Madrid (325.027 secondary homes, by 22% less than in 2012) with the Basque Country (-19.8% to 120.105 units) and Catalonia (-19%, 769.483 flats) ranking just next.

 

Original article: Expansión

Translation: AURA REE

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