Nearly 650 000 new lodgings cannot be sold in Spain
As a result of the real estate crisis in Spain, nearly one third of the 1.8 million lodgings build since 2005 cannot be sold, Spanish daily El Pa?s said.
The number of property deals has decreased by 60 per cent since September 2007; the decrease in sales of newly built lodgings began as early as in 2005.
Until recently, construction was the moving power of the Spanish economy and a number of other sectors depended on it. The crisis would result in totally unpredictable consequences for Spain, Guillermo Chicote, president of the Association of Spanish Constructors and Promoters (APCE) told El Pa?s.