Real estate activity, the backbone of revenue (licences, taxes etc) for most municipalities, continues to decline at an alarming rate in Torrox.
Slump continues
Spanish house prices have slumped by 26.3% in the period up to July this year and mortgage lending is down by 33.2% as the credit crunch continues. The property market has been the backbone of Spanish growth for the past decade but is now on the verge of recession according to many. However, many analysts believe that the market is …