Construction juggernaut heads for Spanish shores...

The latest housing stats from Spain show that country’s construction industry is so big it can’t stop building. Like the proverbial juggernaut oil tanker that takes 10 miles to come to a halt from switching off the engines, property in Spain is at "full ahead", still a long way from a safe harbour… and could end up on the rocks.

Demand may be down, but the supply of new homes seems to just keep on rising, with nearly 2,000 a day coming onto a Spanish property market already saturated by over-production – and that’s an increase on last year, when the market started to fall away.

Jose Luis Malo de Molina, director general of the Bank of Spain, told an amazed audience in Valencia the other day he expected key ready homes this year to be an all-time high for Spanish developers.

The Tanker Syndrome means this year’s completions, which were started in boom peak years 2005 and early 2006, and their construction won’t stop until the last of them are finished at the end of this year.

Safe haven or simply ship-wrecked on the Costa shorelines, there are going to be some more rich pickings for savvy investors able to navigate to the right place at the right time…