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What makes things even worse in Spain is the monumental glut of new homes that have been built at a rate of about 600,000 per year since 2002. That's about three times the number of properties built in Britain over the same period. At the height of the boom in 2005, Spain had over a quarter of total new builds across the EU. There are now an estimated two million unsold properties in the country and many estate agents are going to the wall. Analysts are warning that many investors will be unable to sell their properties and will find themselves in negative equity. For some it could be even worse; those who have bought off-plan from smaller developers (that could go into liquidation) may well lose their money.

 

 

Mark Stucklin from Spanish Property Insight paints a grim picture: The latest figures are a disaster he says and then goes on to state: "Even those who bought desirable properties in Spain as early as 2000 could see the values of their assets shrink. Those who can afford to ride out the downturn should not consider selling at the moment if they can help it."

 

During the past decade vast tracts of the Spanish coastline have been remorselessly developed in a construction boom that has made the nation one of the fastest growing economies in Europe.  One such example of this is Marina d'Or (pictured below), a resort on the Costa Azahar, 60 miles north of Valencia.  A maze of densely built blocks of flats, it has been relentlessly marketed to British buyers as the biggest holiday resort in Europe. It has plans for three golf courses 40,000 more properties and a theme park.  None of which seem destined to become a reality as the resorts plans are now bogged down in planning problems and the market has turned against it.  In addition to the owner being under investigation for corruption, sales have fallen by 60% and the developer has laid off 1,000 staff.