Thursday, February 16, 2012

Spain's ghost towns: Built during the boom years but now lying empty... as jobless top 5million

Spain is steadily becoming a nation of 'ghost towns' - with empty apartment blocks, streets and weed-filled gardens where bustling communities were supposed to move.

Entire housing estates built during the country's boom years have been left abandoned, bricked up and now on sale for almost half their original price.

One such settlement is Sesena, dubbed the Manhattan of Madrid for its towering apartments and proximity to the capital, where 30,000 people were due to live.

Of the 13,000 homes due to be built, only 5,100 were completed - most of them now uninhabited and the Spaniards who bought them as investments now competing to offload them for huge losses.

Spain's housing market crash and economic implosion have turned what was supposed to become a vibrant suburban paradise for young Spanish couples and their children into one of the most visible monuments of the country's boom gone bust. Read More