At least 'six years' needed to clear glut of unsold Spanish homes

The glut of homes which currently sit vacant in the Spanish property market will take at least six years to clear, it has been claimed.

This is the view of RR de Acuna y Asociados which believes that rising unemployment is helping to erode demand for real estate in the country, Bloomberg has reported.

Unemployment in Spain has more than doubled in the past two years to 20.8 per cent - currently the highest level in the eurozone.

Spain built more than 29 per cent of all new homes in the EU from 2001 to 2007 and there are now 1.5 million unsold units on the market, Acuna told the news provider.

The firm estimates that home prices will fall by about 20 per cent over the next five years, those looking to buy property in Spain may be interested to hear.

And with existing home prices having already dropped by over 20 per cent since 2007, there could be the opportunity for investors to grab a real bargain.

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