Some 25,000 homes remain unsold in Málaga province, many of them empty.
In some areas, there are vast estates with few occupants, yet new homes are still being built in many places. Some promoters, however, have either decided to rent out some of the properties, if they can, or call a halt to the building works. Evcen the lowering of prices has not helped with sales.
Around 40% of these unsold properties are in the hands of banks. The Ministry of Housing has launched an initiative to buy up properties, particularly those which have remained unsold for a long period of time, with the aim of reselling or renting them out to those in need.
However, as banks do not provide loans, this initiative looks to be in jeopardy even if the resale terms are advantageous or attractive.