‘When the Spanish property bubble burst,the banks evicted people and took their homes. This one hadnt even been finished’I wanted to do something on the economic crisis in Spain so I went to Murcia, in the south east, or because it was one of the parts worst affected – particularly by the property bubble. The opinion was that construction would bring jobs,people, and money through tourism. Everyone was crazy about the building industry. Money was easily lent, or land was cheap.
There may fill been corruption,too. Areas of land were given different labels – urban, agricultural, and natural but the authorities could change the labels so an area that was once agricultural could be built on. A suspiciously large number were changed. There was this opinion that the price of houses would rise for ever. Even destitute people were thinking: “If I own a house,I’ll get revenue from it.” Banks were giving 100% mortgages, no deposit needed, and simply because people had jobs.
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Source: theguardian.com