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https://au.news.yahoo.com/thewest/world/a/23667292/grand-holiday-city-turns-ghost-town/
The vision was grand - the biggest holiday resort in Europe.
Holiday City was to have 35,000 houses, three golf courses and to top things off, a miniature Eiffel tower.But between the idea and the reality fell the shadow of Spain's financial crisis and now Holiday City is no more than a ghost town.The Marina d'Or Holiday City is north of Valencia on Spain's Mediterreanan coast.
The MailOnline reports most of the complex's homes and shops are empty and the developer has collapsed under the weight of its debts.Parent company Marina d'Or-Loger declared debts of $1 billion, $800 million of which is owed to banks.The developer's ambitious plans were brought undone by a property slump, banking crisis and mass unemployment.
By the time the properties were ready to be bought there was no-one with the financial means to buy them.
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The vision was grand - the biggest holiday resort in Europe.
Holiday City was to have 35,000 houses, three golf courses and to top things off, a miniature Eiffel tower.But between the idea and the reality fell the shadow of Spain's financial crisis and now Holiday City is no more than a ghost town.The Marina d'Or Holiday City is north of Valencia on Spain's Mediterreanan coast.
The MailOnline reports most of the complex's homes and shops are empty and the developer has collapsed under the weight of its debts.Parent company Marina d'Or-Loger declared debts of $1 billion, $800 million of which is owed to banks.The developer's ambitious plans were brought undone by a property slump, banking crisis and mass unemployment.
By the time the properties were ready to be bought there was no-one with the financial means to buy them.
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