With tens of thousands of unoccupied housing units on the market, the full impact of "problematic" real estate investments on the country's economy remains to be seen.
In the decade leading up the financial crisis, Spain experienced an "astonishing" real estate boom, say Suzanne Daley and Raphael Minder. Land prices rose over 500 percent and hundreds of thousands of new units were built to accommodate new immigrants and vacationers from Northern European countries. The subsequent collapse of the country's economy has spawned "ghost towns," or clusters of of unoccupied apartment buildings. There are up to 50,000 empty units near the capital city of Madrid alone, according to government estimates.
Though the Spanish government says the 12.8 percent drop in housing prices from the peak constitutes the market bottom, some speculate that prices may fall another 30 to 40 percent. Additionally, the true implications for the nation's banks are not yet clear, the authors say:
"The Bank of Spain says the banks have about $240 billion in 'problematic exposure' out of $580 billion invested in real estate and construction, a situation, they say, the banks are capable of handling. But not everyone believes that. Unlike American banks, Spanish banks have done little to open their books."
FULL STORY: Ghostly Developments Also Haunt Spain's Banks

Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

In Urban Planning, AI Prompting Could be the New Design Thinking
Creativity has long been key to great urban design. What if we see AI as our new creative partner?

King County Supportive Housing Program Offers Hope for Unhoused Residents
The county is taking a ‘Housing First’ approach that prioritizes getting people into housing, then offering wraparound supportive services.

Researchers Use AI to Get Clearer Picture of US Housing
Analysts are using artificial intelligence to supercharge their research by allowing them to comb through data faster. Though these AI tools can be error prone, they save time and housing researchers are optimistic about the future.

Making Shared Micromobility More Inclusive
Cities and shared mobility system operators can do more to include people with disabilities in planning and operations, per a new report.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
planning NEXT
Appalachian Highlands Housing Partners
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie