Tuesday, June 5, 2007

`Ghost Towns' Appear in Madrid as Spain's Decade-Long Housing Boom Ends

(Bloomberg) -- Javier Usua and Ruth Graneda never got
out of the car when they visited Sanchinarro and Las Tablas, two
of Madrid's biggest new suburban developments. The concrete-block
buildings and empty streets were all they needed to see.

``We came to look at apartments but found ghost towns,'' said
Usua, a 27-year-old taxi driver. ``You'd need to drive miles for a
loaf of bread or cigarettes and my girlfriend found it creepy and
unsafe so we turned around and left.''


Read more at Bloomberg Currencies News

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