The "urban tsunami" at the Mediterranean coast. Real estate hyperproduction cycle, 1996-2006

Abstract

The end of the construction boom 1996-2006 should allow us to open a period of reflexion on the reasons that have impelled it, its effects and all kind of consequences, as well as, on the ways to intervene, repair, and reduce its negative impacts. The episode of real estate hyper-production, which has developed on the Mediterranean Coast on the change of century, has been known as the Urban Tsunami, a word that has been widespread used. Reality does not fit into it. We are not facing a natural catastrophe, unthinkable, unforeseen, but instead we are in front of an almost unavoidable consequence of an economic and urban model, designed to achieve the highest real estate production, with almost no limitations of landscaping, ecological, urban or social order. The boom is ending but it is difficult to establish whether we shall handle with the (desirable) “soft landing” or the (fear-provoking and worrying) explosion of the real estate bubble, the big crack.