MÁLAGA, Spain — Oscar Agudo, an architect who has designed everything from apartment blocks to soccer camps along the Mediterranean coast of Spain, is now keeping busy mostly by valuing repossessed houses and analyzing real estate disputes for the courts.
In less than a year,
New housing starts peaked at over 900,000 in 2006, but home building in
High-rise apartments occupy much of the prime territory, while ridges and valleys are filled with wedding-cake constructions in the signature whitewashed Mediterranean style.
Manuel Ecijas, owner of Constru España 2000, has watched the cycle turn along the Costa del Sol and in much of southern
The Spanish government now projects unemployment, which slid to 8 percent last year, to rise to 12.5 percent in 2009. Distress is spreading rapidly in associated industries;
Spaniards are being squeezed not only by their own excesses but by the global reach of ravages emanating from the depressed mortgage market in the
The mortgage payment on one of his properties — he owns three — has risen to 750 euros a month from 600 euros.