In Spain, at the close of 2008, there were a total of 613.512 new homes unsold, of which 45,7 percent, about half was along the Mediterranean coast, according to the first report on the stock of new buildings developed by the Ministry of Housing.

Barcelona has the most unsold homes, with 55.315 units, followed by Alicante (46.366), Valencia (30.038), Murcia (27.279) and Malaga (21.092).

Of the total housing stock, it is estimated that 70% will go to first time buyers, while 30% will be used as a holiday or second home.

This statistics reveal that 68,5% of households are used as a residence, while 21,3% are secondary housing and 11,2% for other uses.

The report also shows that stock at the end of 2008 stood at 626.691 homes being built, of which 61,3% were on sales, whilst 38,7 percent had already been purchased.

By regions, Andalusia concentrated 19,4% of total housing units under construction, Catalonia has 12,7%, Valencia 11,6%, Galicia 8,5% and Castilla y Leon and 7,8%.