Abandoned new builds in Spain get completed

UNDER CONSTRUCTION: Half-built sites becoming a thing of the past. Photo credit: Dreamstime

RESIDENTIAL homes being abandoned half-way through their construction became a regular sight during the poorest years of the financial crisis.

However, since the housing market began its recovery, more and more are being completed.

Figures released by central government for the first seven months of this year – from January to July – show that a total of 33,085 homes were completed with most of them being apartments.  Compared to the same period in 2016, this represents a jump of 39 per cent.

The record high for new properties being completed in Spain was in 2007 with 641,419…a figure that had plummeted by 94 per cent by the end of last year.

Of the 33,085 finished by the end of July 2017, a total of 97.7 per cent – or 32,312 – were built by private-sector developers, with the remaining 773 built by public authorities, and accounting for the remaining 2.3 per cent.

Since the end of July 2016, private developments have increased by 37.4 per cent, but although projects undertaken by municipalities showed a higher percentage last year, they’ve more than doubled so far this year in total numbers.

Almost 66 per cent of homes completed between January and July 2017 inclusive were the work of private-sector companies – 20,043 overall, which accounted for a year-on-year rise of 46.3 per cent.

The amount of money spent on finishing off new-build residential homes in the first seven months of this year rose by 45% on the same period in 2016, to a total of just under €4.4 billion.