Construction Slows In Alicante

Only 489 homes started across the province in the last four months showing the extent of the construction slowdown in Spain.

The extent of the real estate and construction slowdown in Alicante is evident from the latest figures which show only 489 homes were started across the province during the first four months of this year.

The website Typically Spanish reveals how the Provincial Association of Real Estate Promoters (PROVIA), has reported that this number is 96 per cent down on the average for the past seven years, when around 13,000 new homes were started every four months.

Adding to the situation is the fact there are 50,000 unsold new homes in the province, which have already been completed, or which are about to come onto the market.

Last year's numbers for builders in Alicante were already the worst for eight years, with 25,619 homes started and 32,125 homes completed, which is down significantly on the 45,000 homes which were started during the property boom in 2004.

Full story from Homesworldwide.co.uk