According to the latest annual report of the Spanish Property market 2010, presented by the consulting firm RR. de Acuña & Asociados, the Spanish property market will not be in balance until 2015.

“There is a stock of 1.5 million unsold properties,” adding that “with demand at 240,000 we will not reach an equilibirium between supply and demand until 2015” said Fernando Rodriguez, President of the consulting firm at a press conference in Madrid.

Based on data from the Bank of Spain, AEB and CECA, the report also revealed that property related credits amount to 513,921 million euros.