Recently Madrid-based influential real estate market analysts R.R. de Acuña & Asociados released the annual report on the property market in Spain. Releasing the report, Fernando Rodríguez y Rodríguez de Acuña, president of the company said “There are no green shoots around here” describing the state of the Spanish property market.

This is not surprising since Spain’s property markets has been booming to incredible levels until the credit crisis started. The construction sector offered jobs to millions of locals and migrants alike. However in recent months that has changed dramatically. The unemployment rate in second quarter reached to 17.9% more than twice the European average.