Spain's Zombie Developments

By Bloomberg Photos - 2013-03-26T10:56:24Z

Photograph by Markel Redondo/Panos

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In Search of Sunshine

While job losses in the construction industry continued in recent quarters, "they've been less severe than expected, given the scale of the real estate slump," said Raj Badiani, an economist at IHS Global Insight in London, "With banks cutting financial life support to many developers living on borrowed time, we can expect an accelerated downward adjustment in employment levels." Badiani estimates the jobless rate could climb to more than 27 percent this year and house prices will fall at least 50 percent from the peak by 2015.

Left, initially designed to attract foreign customers looking for sunshine and golf, the 170-acre Majestic Hills complex near Manilva is now mostly empty.