Ghost Towns Still Haunt Spain in Property Rebound a Decade After
- Real estate market is beginning to boom in Madrid, Barcelona
- But outside big centers, many developments still won’t sell
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Juan Velayos’s biggest headache these days is getting licenses fast enough to hand over new homes such as the upscale condos his company is building in the northern suburbs of Madrid.
Less than 60 miles away, Ricardo Alba’s neighborhood tells a different story about Spain’s property market. The fencing instructor is one of only two occupants at a block of apartments whose development was frozen in its tracks when banks pulled the plug on credit.