Madrid Province Has Most Empty New Homes

Data from a report on Spain’s housing stock published this week by the property appraisal company, Tinsa, highlights that the price of housing and the stock of empty new homes varies greatly among the country’s provinces, and lists the five provinces with the largest accumulated stocks of empty new homes, in absolute terms.

The province with the largest housing stock is Madrid with a total of  35,316 empty new homes. However, Tinsa pointed out that Madrid has important urban developments in progress and a low level of unemployment, at around 15%, which has revived the need for the construction of housing.

In the province of Valencia some 23,493 new homes remain empty and the average unemployment rate in the provincial capital stands at around 30%.

Murcia is the third province with most empty new homes, with a total of 22,862, and in the coastal areas where much of the housing construction has been focused in recent years, the average level of unemployment stands at 32.7%.

The province of Barcelona has the fourth highest volume of empty new homes, with a total of 22,226, representing 22.1% of the total, according to Tinsa, and the unemployment rate in the coastal towns with most second residences stands at around 27%.

Fifth on the property appraisers’ list is the province of Alicante, with a housing stock of 18,362 empty new homes and an average unemployment rate in the coastal towns of 26%, which is slightly lower than the rest of the province.