Three in ten real estate agencies in Spain are set to close this year, as the sector enters into a crisis following a fall in demand. It’s now forecast that there will be a 20% fall in sales this year, and the construction of new property will be 2.5% lower.
The President of the Network of Real Estate Experts REI, Eduardo Molet, has said that his has been on the horizon since the start of 2007 and will continue until the end of the year. He said that more than a third of the 60,000 real estate promoters in Spain will have problems next year. A survey from the network says that as many as 75% of agencies could close between 2009 and 2014.
