Picture of the Day: Spain’s Real Estate Bust

Apartment blocks in Sesena in the Toledo Provence near Madrid, Spain, seen on February 9, 2012. Only a 45-minute drive from downtown Madrid, towering vacant apartment blocks loom over empty streets and weed-filled lots. Apartments galore are for sale and rent, and prices are plunging. More than 13,000 apartments were supposed to go up here to create a mini-city for 30,000 people. But only 5,100 were built, many are uninhabited and most commercial storefronts in the mega-development are bricked shut. Spain’s phenomenal real estate crash and economic implosion has 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 real estate boom gone bust.
(AP Photo/Paul White)

(click here if picture is not observable)

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This entry was posted in Black Swan Watch, Housing, PIIGS, Sovereign Debt, Sovereign Risk and tagged , , . Bookmark the permalink.

One Response to Picture of the Day: Spain’s Real Estate Bust

  1. espmadrid says:

    Tommaso Zavattiero Inmobiliaria Servicios Inmobiliarios de Madrid el mejor agente de bienes raíces en la ciudad de Madrid a su disposición para cualquier tipo de propiedad. Comercial-oficina-Villa – Case-rooms y tiendas info: 34.654121308

    Tommaso Zavattiero Real Estate Servicios Inmobiliarios Madrid the best real estate agent in the city of Madrid at your disposal for any type of property. Commercial-office-Villa – Case-rooms and shops info: +34.654121308

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