FOR the first time in eight years Spain built more housing than it sold in 2018, an indicator of a possible housing crash or signs of a healthy economy depending on your viewpoint. 100,000 permissions to build were granted last year, a 24% rise and well above the 90,000 properties that were sold over the same period. Between 2008 (when the last housing bubble burst) and 2016, sales far exceeded new builds while in 2017 they were more or less equal paving the way for the latest figures. The Real Estate and Registrar Association calls the growth “very reasonable and sustained” and merely reflects a growing demand. Other analysts worry that an excess of available housing will inevitably lead to a slowdown or even another crash.