Unsold new stock is down to pre-crisis levels
The number of unsold new housing stood at 476,938 units, at the end of 2017. This figure is not far from those seen before the bubble burst. In 2007, unsold stock amounted to 413,642.
In 2016, the stock fell by 3%, and from the highs of 2009 (649,780 units), the stock has fallen by 26.6%, according to data from the Ministry of Public Works, summarised by idealista. There are, however, five zones where there is no new housing sitting unsold: Cantabria, Badajoz, Cáceres, Navarra and Vizcaya.
By province, those that have the largest unsold stock of new properties are located on the Mediterranean coast, as well as Madrid and Toledo.
The new housing stock decreased in all communities, except the Canary Islands, Ceuta and Melilla. The communities of the Basque Country and the Balearic Islands stand out with falls of over 10%. The accumulated stock also decreased by more than 10% in the provinces of the Balearic Islands, Vizcaya and Guipúzcoa.
Just three autonomous communities account for 49.98% of the total national stock in 2017: Valencia, Cataluña and Andalucía. On the other hand, Ceuta and Melilla, Navarra, Cantabria and Extremadura have the lowest percentage of unsold new stock.
Total Housing Stock
If we take into account the total housing stock by provinces, the view changes dramatically. At a national level, the percentage of stock is 1.86%. For example, in Madrid, which is one of the provinces where new construction is slow, the unsold stock only represents 1.39% of the total housing in Spain.
On the other hand, Castellón, with 6.05% of the total, Toledo, with 4.97%, and Almería, with 4.74%, are the provinces where we find the most new-builds that are not selling.
The lowest amounts of unsold new stock can be found in Hueva (0.65% of the total), Guadalajara (0.68%) and Guipúzcoa (0.92%).
