Spain was hit hard by the global financial crisis and the crash of the country’s property market. The seven-year slump seems to be ending, but according to market reports it will take at least 10 years to find buyers for approximately 40 percent of the 1.6 million homes which were completed but not sold by the end of 2014. Some of the residences, potentially up to 657,000 units, may never find buyers. The Acuña consultancy firm reports there are 668,000 unsold residential properties in metropolitan areas and 331,000 on the coast of Spain, although some experts prognose that more units are likely to be sold in 2016 and 2017.
