There has been a significant slowdown in the number of new homes being constructed in the Alicante region in Spain, with just 489 new housing starts recorded across the province between January and April this year.
The number of new homes built in Alicante during the first four months of this year is 96% down on the average of 13,000 new homes recorded during the corresponding period over the past seven years. This is according to the provincial association of real estate promoters (PROVIA).
The fall in construction levels should help overcome the existing oversupply of homes in the region, with some 50,000 new homes currently unsold and lying empty.
Last year there were 25,619 new housing starts in the province, while 32,125 local residential properties were completed – the lowest level for eight years. At the peak of the last construction boom in 2004, there were 45,000 new housing starts.