In addition to Spain’s uninhabited housing developments, millions of dollars in unused infrastructure is wasting away.There’s a $213-million airport in the town of Castellon, which hasn’t had any scheduled flights since it opened in March, according to The New York Times. Another white elephant is the privately-held airport in Ciudad Real, which entered bankruptcy last year for lack of traffic.
Spain is similarly overstocked with highways — after adding 5,000 kilometers in 10 years — and high speed rail — after becoming Europe’s biggest HSR network in December.
All told Spanish banks hold over $300 billion in toxic real estate assets, including $70 million in unreported exposure, according to El Confidential.
Images of the airports are posted on this page. Images of abandoned housing are posted on the following slides.
YUNCOS: This town near Toledo has about 6,000 residents. Unfinished developments could triple the population
LA SERENA GOLD RESORT: This vacation resort is one of three in a 20 km radius. Much of it remains empty even during holiday time
SALOU: A tourist town, thousands of the apartments and vacation homes remain empty, even during peak summer months
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