13 Sep 2012 08:00
Spain led the recent property boom in Europe with prices increasing annually at an average of 13% from 2001 to 2007. With the global down-turn of 2008, Spain was hit hard, with many of its new constructions now empty. The government estimates that over 780 000 houses built since 2005 have not been sold. Cuidad Valdeluz is the starkest example of the Spanish property crash. The new town was supposed to house 30 thousand people, today barely 1000 have moved in.