700,000 new apartments and houses in Spain remain unsold, estimated by experts of idealista.com. More than half of them are owned by banks and "bad bank" Sareb for mortgage debts. 41% of the objects are located far from the city without infrastructure.
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In recent years, investments in the abandoned Spanish projects were from €35 billion to €44 billion, according to various sources, plus €24 billion investments in land.
The situation will be improved if the municipalities took the objects in social rent. But now "banks give away the apartments to vulture funds for ridiculous prices from €30,000 to €40,000", and it looks very illogical, according to Gonzalo Bernardos, economist.
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