By Euro Weekly News Media • 20 February 2013 • 16:25
Reported lorry crash in Costa del Sol's Cala de Mijas Credit:Facebook Ron Pettit
Spain’s property slump hits giant real estate company Reyal Urbis.
Reyal Urbis filed for insolvency on Tuesday and others may follow as the housing slump continues. The company has been unable to recover and banks can no longer wait for its debts to be paid.
House prices are still falling four years after the property bubble burst and the number of unsold new properties is estimated to be up to 1million houses and apartments.
The future looks bleak not just for Reyal Urbis but for other developers also struggling with debt.
A court must now decide whether to liquidate the company. The process that make take several years.
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