Images that are desolate symbols of collapsed property market, Is it true?

GOOGLINGNEWS, The ghost towns of Spain: With its empty streets, bricked-up shops and deserted playgrounds, the sprawling residential development of Sesena has become a ghost town and a desolate symbol of the collapse of Spain's property market. 

Once dubbed the "Manhattan of La Mancha" the new development was supposed to include 13,000 apartments to create a satellite town and suburban paradise for 30,000 people.

But just five years after work began only 5,100 of the properties are completed, less than a fifth occupied and construction on the promised infrasture, including schools and sport centres, have long been abandoned.

Such modern-day ghost towns are rapidly becoming a familiar part of the Spanish landscape an estimated one million new properties left unsold and the number of foreclosure proceedings rocketing.

Earlier this month Spain's newly-elected conservative government of Mariano Rajoy ordered the nation's banks to set aside funds to cover toxic real estate assets valued at 175 billion euros.

Over 500,000 foreclosures were granted by courts in Spain in the three years leading up to September 2011, newly released data shows.

Source : http://www.telegraph.co.uk