• A worker stands on a ladder at a construction site of a residential block in the Valdebebas neighbourhood. Spanish construction accounts for 5 per cent of the country’s output compared to 10 per cent in the boom years, or an annual shortfall of about 50 billion euros ($62 billion), and employs less than half than before the housing crash of 2008, with no quick prospect of a sharp rebound. Andrea Comas / Reuters
    A worker stands on a ladder at a construction site of a residential block in the Valdebebas neighbourhood. Spanish construction accounts for 5 per cent of the country’s output compared to 10 per cent in the boom years, or an annual shortfall of about 50 billion euros ($62 billion), and employs less than half than before the housing crash of 2008, with no quick prospect of a sharp rebound. Andrea Comas / Reuters
  • A female worker walks at a construction site of a residential block in the Valdebebas neighbourhood. Developers must show half the flats have been sold off-plan before sealing financing deals. They must also buy the land with their own money and put half of their own capital into building costs, lenders say. Andrea Comas / Reuters
    A female worker walks at a construction site of a residential block in the Valdebebas neighbourhood. Developers must show half the flats have been sold off-plan before sealing financing deals. They must also buy the land with their own money and put half of their own capital into building costs, lenders say. Andrea Comas / Reuters
  • A worker carries tiles at a construction site of a residential block in the Valdebebas neighbourhood. In Madrid, the city council issued 3,131 building permits for residential use in the first 10 months of 2014, more than it awarded in the whole of 2013. Andrea Comas / Reuters
    A worker carries tiles at a construction site of a residential block in the Valdebebas neighbourhood. In Madrid, the city council issued 3,131 building permits for residential use in the first 10 months of 2014, more than it awarded in the whole of 2013. Andrea Comas / Reuters
  • A general view shows the Valdebebas neighbourhood in Madrid. While 80 per cent of Spaniards own their home - twice as much as the euro zone average - the amount of new mortgages ceded has dropped to less than a tenth of its pre-crisis peak of 127,233 signed in March 2006. Andrea Comas / Reuters
    A general view shows the Valdebebas neighbourhood in Madrid. While 80 per cent of Spaniards own their home - twice as much as the euro zone average - the amount of new mortgages ceded has dropped to less than a tenth of its pre-crisis peak of 127,233 signed in March 2006. Andrea Comas / Reuters
  • A publicity board announces a residential block in the Valdebebas neighbourhood in Madrid. Andrea Comas / Reuters
    A publicity board announces a residential block in the Valdebebas neighbourhood in Madrid. Andrea Comas / Reuters
  • A worker cleans up at a construction site of a residential block in the Valdebebas neighbourhood. Andrea Comas / Reuters
    A worker cleans up at a construction site of a residential block in the Valdebebas neighbourhood. Andrea Comas / Reuters
  • A general view shows the Valdebebas neighbourhood in Madrid. Andrea Comas / Reuters
    A general view shows the Valdebebas neighbourhood in Madrid. Andrea Comas / Reuters
  • A worker looks over a construction site of a residential block in the Valdebebas neighbourhood. Andrea Comas / Reuters
    A worker looks over a construction site of a residential block in the Valdebebas neighbourhood. Andrea Comas / Reuters

Property

Spain begins building again after seven years of pain - in pictures

Liz Claus

December 15, 2014

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Investment in house-building registered its first quarterly rise since before the crisis in the three months from June to September.

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