Pride comes before a fall, and in the case of Spain’s listed developers, before billions of Euros in losses. At the height of Spain’s clearly unsustainable property boom Spain’s biggest listed developers went on a spending spree with borrowed money, believing themselves to be the architects and masters of their own fortune. Now the bubble has burst, and with it their profits and valuations. Spain’s listed developers are drowning in red ink.

The prize for the biggest losses goes to Colonial, 3.9 billion Euros in the red last year, followed by Martinsa-Fadesa, now in administration, with losses of 2.3 billion Euros, and Reyal Urbis, with losses of 875 million Euros.

The rest of the pack were not far behind: Afirma -238 million , Sacyr Vallehermoso -179 million, Renta Corporación -111 million, and Realia -46 million.

Acciona, a big constructor with a large public works business who also dabbles in residential development saw profits fall 51% to 464 million Euros.