Reply To: Spanish Property Crash hits Britons


I think this is where the reporter went wrong:

“But in the clearest sign yet that the boom is over, the developers said the combined value of their sales had plummeted from 1.3 billion euros (£1 billion) to less than 300 million euros (£240 million)”.

value of their sales as against value of property – in other words their turnover was 74% down.