CIUDAD VALDELUZ

GUADALAJARA, SPAIN

PROJECT NAME

LOCATION

STATUS

START YEAR

HALTED YEAR

MAIN PROGRAM

PATRON

COST

 

PROJECTED DEVELOPMENT

ACTUAL OCCUPANCY

AVERAGE SALE PRICE

OCCUPANCY RATE

Ciudad Valdeluz

Guadalajara, Spain

Halted

2006

2008

Residential

Reyal-Urbis

US$1.6 million

 

30,000

less than 6,000 (2016)

US$948/sqm

20%

       Located about 37 miles northeast of Madrid, Ciudad Valdeluz was originally planned as a dormitory town for the mid income workers who cannot afford the housing prices of Madrid. Scheduled as a stop along the high speed rail, Alta Velocidad Espanola (AVE), the developer Reyal‐Urbis anticipated large amount of people who would be interested in this project. With this in mind, the project was planned at a massive scale that would accommodate 30,000 people. However, the 2008 financial crisis crashed the Spanish housing market, and only about 1,000 people moved in Ciudad Valdeluz. Reyal‐Urbis quickly abandoned the building efforts; without paying for the mortgage, the banks ended up owning most of the properties. In an effort to recuperate their losses, the banks began trying to sell the apartments in bulk and at half the market price, further tanking property value.

       Today, the only amenities in town are a supermarket, a corner shop and a medical center that opens only twice a week. A 24 hour security patrol is also put in place to ensure the safety of the residents.

 

 

RELATED MEDIA COVERS

DAILY MAIL: Eerily empty streets of the Spanish ghost town built for 30,000 before property crash

DESERTED PLACES: The Spanish ghost town of Ciudad Valdeluz

LA INFORMACION: Valdeluz, la ciudad fantasma de Reyal, sobrevive a la muerte de su promotora

THE GUARDIAN: Nightmare for residents trapped in Spanish ghost towns

PHANTOM URBANISM
CIUDAD VALDELUZ