In late August, one of Spain's leading real estate consultancies Fincas Corral announced it had closed half of its 350 offices so far this year following the collapse of the thriving residential market. For a decade, the residential boom propelled several builders and developers into the international league, but the market has slowed down significantly in the past six months and local property companies are increasingly looking for investment opportunities outside their home country. As demand for new houses continues to decrease, investment in new development fell to 4.8% in the second quarter of 2007 from a high of 15% in the recent boom years.
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