What does "ghost towns" of Spain as seen from satellite

What does "ghost towns" of Spain as seen from satellite

Effect of financial crisis on the economy of Spain is devastating, especially in real estate, where thousands of houses and newly built residential districts are allowed to Regat.

Effect of financial crisis on the economy of Spain is devastating, especially in real estate, where thousands of houses and newly built residential areas are given by Regat. Houses are already beginning to show signs of neglect, sometimes shattered plaster, paint loses its color and in some places doors or other building materials were stolen from, writes the New York Times.

Few families in May dares to live in these ghost towns (ciudades fantasy), in which an apartment four years ago cost 250,000 euros worth today more than 140,000. An example of a new city is built is almost abandoned Valdeluz of Guadalajara, located half an hour away by train from Madrid to Barcelona. Valdeluz had to have 9,500 houses and nearly 30,000 inhabitants, two years ago but the developer did not have funds to complete the small town. Only 1,500 buildings were completed and only 700 people live there now, writes the Guardian.

Rarely see people walking on the streets and families who have remained to guard dogs to keep strangers and thieves away. A 2,000-car parking lot is empty, the infrastructure is incomplete and because there is hope that the financial crisis in the near future to be able to resolve something.Another is Seseña ghost town, located south of Madrid, in the desert. Blocks of 2,000 empty apartments and ground floor commercial spaces are created. Only a handful of people living in several homes.

Spain has a stronger economy than Greece or Portugal, and recovery is a process more difficult in this case. Central Bank of Spain says that the total exposure of banks in the construction, ie 405 billion, 168 billion is invested in assets which could be problematic. Ensure investors that the central bank but the situation is under control.

In less than a decade, land prices have increased by 500% and the developers have built hundreds of thousands of houses, apartments or shopping centers. In a single year, in 2007, 800,000 such units were built. Modern residential neighborhoods on the outskirts of cities have emerged, ready to be occupied by the four million immigrants who came to Spain, most of them still working in construction.

Salou - tourist town with thousands of apartments and holiday homes that remain empty even in summer months (Business Insider)

Meanwhile, the coastal towns were transformed into residential areas with many Spanish holiday homes in towns or northern Europeans, who spend their summer holidays in warmer areas than at home. The construction sector mean 12% of GDP, twice more than in England or France. But overnight, the real estate market collapsed, many immigrants have gone home and the unemployment rate in Spain reached 20%. Not even northern Europeans have bought holiday homes. Government officials say that evil has passed and the Central Bank of Spain estimates that house prices fell by 12.8%.