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March 31, 2016

Reduction of the housing stock in Spain

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Reduction of the housing stock in Spain

The number of sold houses and apartments in Spain continues to decline gradually. According to the calculations of the Spanish Confederation of manufacturers of construction products (CEPCO), at the end of 2015 there were 502,434 unsold real estate objects in Spain, and this figure is by 6.95% less than the previous year and by 27% less than the data recorded in the early years of the crisis in the housing market in Spain. It was in 2009 when the stock has reached an enormous amount of 687.953 units.

As indicated in the communication of news agency EFE, the Association of manufacturers of construction products also believes that in the past year have been begun about 50,000 objects, of which more than 45,000 have been completed. These data indicate a change in the established trend, since between 2008 and 2014 the number of completed apartments and houses in Spain exceeded the number of started construction projects.

The last 2015 was also a success in terms of export. According to the same CEPCO Confederation, manufacturers of building materials sold abroad for a total of 21,521 million euros, by 7% more, according to the annual statistics. This is a new record and accounts for almost 9% of total exports of Spain.

As for the export performance, the entire economy of Spain last year sold outside its borders goods of worth by 18,267 million euros, resulting in an increase of 2.1% a year, according to the Ministry of Economy.

In addition, during the current year a sharp increase in the number of houses and apartments built in Spain is predicted. According to consulting firm CBRE, between 60,000 and 65,000 new objects will be built, compared with 45,000 new apartments and houses in Spain, which were registered in 2015.

The company also estimated that the stock of residential property in Spain could be reduced by another 100,000 units this year, and therefore will be established in some 300,000 objects, while developers and construction companies predict that 2016 will end up with less than 350,000 houses and apartments in Spain, which will remain unsold.

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