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Boom turns to bust for adventurous architecture in Spain as slump bites

Posted by Spain on Tuesday, March 12 @ 04:09:29 EDT (5589 reads)

Artist's impression of Zaha Hadid's building for the Campus of Justice complex in Madrid, where work is slowing down.

Spain's long-running love affair with cutting-edge architecture has come to a dramatic end as high-profile projects from the world's greatest architects fall foul of recession and a countrywide building bust.

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Posted by Spain on Tuesday, March 12 @ 03:12:35 EDT (4907 reads)

The big news in the second quarter was the collapse of one of Spain’s largest residential property developers, Martinsa-Fadesa, after declining sales and massive debts forced the company to seek protection from its creditors. This move leaves 12,500 of Martinsa-Fadesa’s clients, many of them British, wondering what will become of their money.

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Spanish property prices fall 3.9% over 12 months to end of July

Posted by Spain on Tuesday, March 12 @ 03:07:44 EDT (2851 reads)

Average Spanish property prices have fallen by 3.9% over 12 months to the end of July, according to the latest Spanish property price index published by Tinsa, one of Spain’s largest appraisal companies. Spanish property prices tracked by Tinsa have now fallen for 5 consecutive months.

Homes on the Mediterranean coast were the hardest hit by price declines, with average prices in coastal areas falling by 6.2%. The Canaries and the Balearics did better than coastal areas on the mainland, with prices down by just 2.8%.

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