A road sign stands between blocks of empty apartments at Francisco Hernando village at the Sesena real estate development near Madrid. Out of 13,000 apartments that were meant to make up the development of Sesena only 5,100 were built, many of which are now uninhabited and with those Spaniards who bought them as investments trying to sell them off for huge losses.
One is example is Juan Carlos Caballero, who bought an apartment in Sesena in 2008 for 185,000 euros alongside his father, who had previously bought one. Both thought housing prices would continue to rise as they had since the mid-1990s. The Spanish property crash has left them stuck in developments without access to drugstores or good transport links to Madrid. The only restaurants are open just a few days in the week on weekends when there are enough clients to justify operating.