Amazing Satellite Images Of Spanish Ghost Towns -- Abandoned Since The Crash

image

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.

Giant ghost towns like Valdeluz and Sesena have been profiled in the New York Times and the Guardian.

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.”

VALDELUZ: 700 people live in a town planned for 30,000

Source: Guardian

SESENA: 10,500 houses sit empty. Commercial real estate is bricked up

Source: NYT

HORCHE: This village near Valdeluz has 1,175 inhabitants. It was planned for triple that population

CHILOECHES: Only 1,684 inhabitants live amid unfinished construction and vacant homes

QUER: Only 449 inhabitants in a town planned for thousands

ALOVERA: There are only 5,636 residents here, amid open space and unfinished construction

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


YEBES: A few families live amid hundreds of vacant homes and empty lots

Source: NYT

SOTO DEL HENARES: More than 13,500 homes have been built, but only about 3,000 people live here

CALLE OJOS DEL SALADO: A new housing development on the outskirts of Granada sits completely empty

Source: Ben Roberts

SALOU: A tourist town, thousands of the apartments and vacation homes remain empty, even during peak summer months

Source: Ben Roberts

Will the housing crash drag Spain... and Europe?

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.