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Unsold Housing Stock Still in Limbo Due to Pandemic

On average, the amount of housing available for sale has fallen by 3.8% per year over the last ten years.

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The reduction in the unsold housing stock has slowed down, as confirmed by a study by Euroval through the Institute of Real Estate Analysis. The report states that the number of homes looking for buyers has fallen by just 0.1%.

This figure is a far cry from the average annual reduction over the last ten years, which stands at 3.8%.

Cesar Rodríguez, technical director of Euroval, explains: “Last year was paradoxical. Even though 4,000 more homes were sold than in 2019, up to 60,000 units, the number of completed homes also increased significantly, 77,000 compared to 71,000 a year earlier. In other words, the decline in the pace of sales, coupled with the entry into the market, as a result of past expectations, of a significant number of completed homes, would explain why the volume of residential stock hardly varied in 2020.”

The historical maximum was reached in 2009, at 649,780 units. At the end of December, there were 456,918 dwellings, a reduction of just 29.68% in eleven years. Until 2015 availability fell at an average rate of 4.3% per annum, but it dropped to 3.2% from that year onwards.

Read the full article in Spanish

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