Nearly half of all new homes on Costa del Sol empty

26 March 2008

Around 45% of all newly constructed residential properties on the Costa del Sol remain vacant and unsold. This reflects the existing plight in the local property market, according to a fresh report compiled by consultancy firm Aguirre Ne wman.

Furthermore, the time it takes to resale flats along the coast are now taking nearly 52 months to sell, while villas are taking nearly 56 months, due to a shortage in both domestic and international demand.

The greatest declines in property prices have reportedly been recorded in Mijas Costa (12%) and Sotogrande (15%). Aguirre Newman has also noted that the number of homes offered for sale ‘off-plan’ has fallen by 9.5%.