In Ruins: A Visual Display of Spain’s Recent Housing Bubble
Date
2018-03-30
Authors
Bagan, Stephen
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Abstract
The purpose of this investigation is to explore some of the implications of Spain’s recent economic crisis, focusing on practices of overdevelopment and speculative demand during the period of 1998-2008. More specifically, how the economic, political, and cultural practices turned the building boom into a real estate bubble after the financial market crash of 2008. The burst of the bubble left Spain with physical remnants of developments that do not serve their intended purpose: both finished and unfinished residential areas as well as underused infrastructure now in decay. My interest in this topic is rooted in my own observation of one of those unfinished urban areas south of Madrid. Many of the sights and landscapes have a beauty to them despite their tragic narratives. This analysis will include several case studies from the crisis, including both small and large-scale projects. The accompanying images often say more than the textual analysis. The deserted landscapes serve as reminders of the dangers brought by overdevelopment.
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Keywords
Spain, Overdevelopment, Speculation, Land-use, Housing