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The Valencia Life Networkl reports that:

Three years after the boom real estate years, almost every Town Hall in Spain is feeling the financial crunch, due to the considerable drop in the number of requests for construction permits that has to all intents and purposes dropped to zero nationwide. A typical case in point is that of Gandia that envisaged obtaining at least five million Euros as a result of land deals last year, but the harsh reality was that only 12,000 Euros was received as no land was being sold. As a result, in the Valencian autonomy, several towns have released some alarming economic figures such as Cofrentes that has only a thousand inhabitants, and is now facing a debt of over 1,3 million Euros, whilst municipalities such as Calpe, Benidorm, Gandia, Benicassim and the City of Valencia, these debts have reached alarming heights. This alarming situation was pointed out by Valencia Mayoress Rita Barbera last week when she stated that of the 89 million Euros the Town Hall would be receiving from the Socialist Government, only 20% can be put towards current expenses. As a result of this, the overall debt per head of population for the Valencian autonomy - when the debts of the town halls are added and then divided - stands at 503.5 Euros per inhabitant. However, other autonomies fare far worse when this criteria for obtaining figures is applied: Madrid comes out on top  with 1,247 Euros per inhabitant, followed by Ceuta (1,108 Euros), Aragon(744 Euros) and Catalunia(549 Euros) the Valencian Community comes in sixth with 502 Euros followed by Andalucia with 471 Euros. The status of the remaining autonomies is:

The Balearic Islands: 469 Euros
Murcia: 442 Euros
Asturias: 433 Euros
La Rioja: 384 Euros
Navarre: 380 Euros
Cantabria: 368 Euros
Castilla/Leon: 356 Euros
Castilla/La Mancha: 330 Euros
Extremadura: 236 Euros
The Basque Country: 229 Euros
Galicia: 228
The Canary Islands: 34 Euros

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