Lack of housing developments in Spain could push prices down

New data released by the Spanish Ministry of Housing has found that the number of developments started in the country has fallen by 43 per cent compared to a year ago.

A Place in the Sun reports that in total there were 72,491 housing starts over the 12 months to the end of June.

The reduction in the number of starts in the country has been brought about by the massive oversupply of real estate currently available, the news provider states, adding that estimates put the number of empty residential units in Spain at one million.

A lack of developments in the country is also having an effect on the jobs market, with an increasing number of people finding themselves out of work.

This could have a profound effect on the country's economic stability and force housing prices down further still, those looking at Spanish property may wish to know.

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