Sales by Spain’s 7 biggest quoted developers are down 73.5% compared to last year, according to latest published accounts.
Companies like Reyal Urbis, Acciona Inmobiliaria, Realia, Metrovacesa, Vallehermoso, Martinsa-Fadesa, and Parquesol, masters of the universe just a few years ago, have seen their revenues collapse as the credit crunch helped prick the Spanish property bubble.
Whilst overall sales of Spain’s 7 quoted developers were down 74% to 299 million Euros in the first quarter, Sales at Reyal Urbis were down by as much as 97%, and Acciona Inmobiliaria by 86%.
Overall sales fell by 33% between January and March, pointing to an accelerating downward trend.
Worryingly, these figures only show sales that have been completed with deeds signed before notary, thus reflecting the sales results of an earlier period. New sales commitments, off-plan or under construction, that fill the pipeline for future completions, are likely to be down even further.
These results might help explain why Spanish developers are screaming for a public bailout.