The woes of Spanish developers are already well documented and experts believe the new figures will be just as bad.
The combined turnover from home sales of some of Spain's biggest four listed developers Acciona, Metrovacesa, Realia and Vallehermoso fell 78% to €260 million in the first six months of the year.
'A fall of close to 80% in sales is a calamity for any business, and it is becoming life threatening for a large number of Spanish developers, like Martinsa-Fadesa, that have borrowed too much,' said Mark Stucklin of Spanish Property Insight.
He points out that if you include the results of Renta Corporation, another listed developer, then profits were down by 87% compared to the same period last year.
The only bright spot is that Renta Corporation is the only developer of the group that is actually in the red, to the tune of €25 million for the period.
'Several of the biggest listed developers in Spain have not yet published their half-year results, and analysts expect them to be even worse news,' Stucklin added.
Of the developers that have presented their results, Acciona was the hardest hit by a fall in sales. Acciona went from turning over €171 million in home sales last year, to just €13 million this year, a fall of 92%.
As Stucklin points out the Spanish real estate business is highly fragmented, with over 40,000 developers, and the listed developers account for only around 5% of total sales. 'Most developers do not publish their results, but it is a fair bet that the vast majority of them are suffering more or less the same fall in sales,' he concluded.
