the center right in the country rode their wave of success on the backs of merely 3 industries: construction, real estate and tourism. –construction and real estate being intricately tied together we could merge this number into 2.
the socialist party, lead by zapatero got caught up in culture wars against the church and using george w. bush as a whipping boy to increase their approval ratings and neglected to see the crash looming in the distance.
i recently returned from spain and yes, there are zombie buildings and zombie subdivisions everywhere. but you still can buy a 100 quare meter apartment for 325K euros which seems a bit high for a country with 20% unemployment and climbing.