Excess of new housing in Spain

The crisis in the property sector causes developers to find alternative use for the empty properties and they are trying to negotiate an agreement with the government renting agency set up by the Socialist government two years ago.

In little more than 2 months the Public Agency for Renting in Spain (SPA) created by the Ministry of Housing has received the offer of 6000 newly built flats from property developers interested in renting them out because they can’t find enough buyers.

According to figures released yesterday, over half of flats that are offered to the SPA for rent come from estate agents rather than from private owners. In general it is usually flats from small to medium sized property developers that are being offered.