Photo: Google Maps
The collapse of Spain’s booming housing market has left near-empty or abandoned residential development across the country.Each failed development represents a loss for the banking sector, which admits to $240 billion of problematic exposure and is probably exposed to more. As home prices keep falling and unemployment soars, banks will face further writedowns.
But they are just the tip of the iceberg. Rafael Valderrábano, director of Basico Homes in Madrid, told us “more than ghost towns, the real problem is the large numbers of small ghost villages surrounding big cities.”
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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