Despite new housing starts hitting rock bottom, the stock of unsold properties in the Canary Islands continues to grow.
According to the latest survey, the number of unsold new properties in the islands rose by 2.3 per cent in the first nine months of 2011 to stand at more than 34,200.
The story is much the same throughout Spain where an additional 19,000 properties were added to the unsold housing stock, which now stands at an eye-watering 818,127 properties.
If things appear bad in the Canaries, spare a thought for the Valencia region, which is holding more than 25 per cent (209,725) of the country’s unsold housing stock.
At the other end of the scale sits Extremadura, which saw its unsold housing reduced by more than 22 per cent, albeit from a much lower starting point.
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