Land in some parts of Spain is literally worthless, said Fernando Rodriguez de Acuna Martinez, a consultant at Madrid- based adviser R.R. de Acuna & Asociados. More than a third of Spain’s land stock is in urban developments far from city centers. About 43% of unsold new homes are in these areas, known as ex-urbs, while 36% are in coastal locations built up during the real-estate boom.
“If you take into account population growth for these areas, there’s no demand for them, not now or in ten years,” he said. “Around 35% of Spain’s land stock is in the ex-urbs, which means it’s actually worth nothing.”