Spain's Zombie Developments

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

Photograph by Markel Redondo/Panos

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Ciudad Real Airport

Household spending fell by 1.9 percent in 2012, almost double the rate of the previous year, according to the Bank of Spain. It may drop as much as 3 percent this year, according to Madrid-based consultancy firm Analistas Financieros Internacionales.

Left, covering 3,000 acres, Ciudad Real Airport is Spain's first private international airport -- but has been closed since October 2011 due to its low rentability.