TENTS FOR CHEAP FLATS

Susana Vera

Reuters

A decade-long Spanish property boom collapsed in 2008, brought down by global credit restrictions combined with chronic over-building and interest rates rising off historic lows. Developer Jose Moreno offered 18 to 35 year olds the chance to buy a flat on the outskirts of Madrid for as little as 120,000 euros ($152,200), paid in instalments of up to 600 euros per month over a 20 year period.Thousands of young Spaniards queued for days in tents to sign up for a chance to buy a cheap flat taking advantage of a rare housing offer in the middle of the global financial crisis.

Susana Vera, "TENTS FOR CHEAP FLATS," in POYi Archive, Item #43111, http://archive.poy.org/items/show/43111 (accessed April 20, 2025).