Spain ended 2025 with almost half a million newly-built homes still waiting for buyers, despite soaring property demand and rising prices across much of the country.
According to new data from the Ministry of Housing, there were 452,670 completed but unsold new-build properties on the market at the end of last year.
While the figure is eye-catching, it actually marks a turning point, according to Idealista.
After two consecutive years of increases, the stock of unsold homes fell by 0.57% in 2025, suggesting buyers are beginning to absorb some of the excess supply amid fears that house prices will continue climbing.
The latest figures contrast sharply with the aftermath of Spain’s property crash. Unsold housing stock peaked at nearly 650,000 homes in 2009 following the collapse of the construction boom and has been gradually declining ever since.
Andalucia among regions with most unsold homes
Four regions account for more than 60% of all unsold new-build homes in Spain:
- Catalonia: 85,478
- Andalucia: 68,897
- Madrid: 66,627
- Valencia region: 62,632
Andalucia’s stock rose by 2% during 2025, bucking the national trend.
Within the region, Sevilla has the largest number of unsold new-build properties, with 22,447 homes still awaiting buyers.
Costa del Sol sees major increase
One of the most striking findings is the situation in Malaga province, where the number of unsold new-build homes jumped by 27.65% year-on-year – the biggest increase anywhere in Spain.
The surge reflects the huge volume of construction underway across the Costa del Sol, where developers are racing to meet demand from both domestic and international buyers.
Despite the increase, many experts believe much of Malaga’s new housing stock will eventually be absorbed due to continued population growth, strong foreign investment and limited land availability in key coastal locations.
The figures may appear contradictory given Spain’s widely-reported housing crisis.
However, analysts point out that many of the unsold homes are located in areas where demand is weaker, while the biggest shortages are concentrated in major cities and highly desirable coastal zones.
Recent estimates from the Bank of Spain suggest Spain is facing a housing deficit of up to 750,000 homes, highlighting the mismatch between where housing is available and where people actually want to live.
Where is the biggest surplus?
Measured against the size of the existing housing stock, the provinces with the highest proportion of unsold new homes are:
- Castellon (4.85%)
- Toledo (4.67%)
- La Rioja (4.17%)
- Lleida (3.67%)
- Santa Cruz de Tenerife (3.46%)
Meanwhile, Madrid and Barcelona, despite having large numbers of unsold homes in absolute terms, both have ratios close to the national average due to the sheer size of their housing markets.
Nationally, unsold new-build homes represent just 1.67% of Spain’s total housing stock.
The latest figures suggest Spain’s property market remains highly uneven.
While buyers continue competing for homes in hotspots such as the Costa del Sol, Madrid and Barcelona, thousands of newly-built properties elsewhere in the country are still struggling to find owners.
