We all know it and here is the fact. The market for new construction is more or less dead. Construction levels are on average 65 percent lower than last year. Marbella for example is 73% lower than a year ago and only 129 Marbella apartments have been starting to build so far this year, not one Marbella villas or any property in Marbella. The construction level for the province of Malaga is 65 % and continues in a free-fall. We don’t see any light in the tunnel for more constructions.
Other areas figures after the first six moths; In Manilva has 90% fewer houses being built than last year, Estepona, Benalmadena and Fuengirola is down by 80%. For example in Benalmadena only 43 homes were started in the first six months of the year. Maybe one of the reasons is that the ex. Mayor Enrique Bolin (who also has a building company) can’t give his self any more free land and illegal building licenses.
Its only one town on the whole Costa del Sol that sees a recovery is Torremolinos, where 420 homes have been started so far this year, 12% more than for the same period in 2008, but last year was a very low building year for Torremolinos.
Related article: 37.000 unsold properties, not 21.000 for province Malaga and Marbella.
July 12th, 2009 at 4:35 pm
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