Builders throughout Spain are going out of business because real estate developers — whose sales have slumped — cannot afford to pay them.
Home sales in Spain fell 27 percent in January compared to a year ago, the government reported Wednesday, releasing more bad news from the country’s once-booming real estate sector.
Rising interest rates and the international credit crisis have hit Spain’s loan-fueled housing market.
One of Spain’s biggest private savings banks has slashed lending to property developers which are caught in a looming housing crisis and barely able to sell land or property, its head of property lending told Reuters on Tuesday.
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Numbers seem to suggest that foreign demand for Spanish property has picked up significantly since last year, even though property professionals report that the market is still very slow.
The Spanish banking system is also solid enough to withstand rising financing costs triggered by the fallout from the surge in defaults in the U.S. subprime mortgage market.