Ceuta in crisis: property prices plunge 30% in 20 days

Ceuta is suffocating: property prices plunge 30% amid a management crisis

The autonomous city has spent four weeks facing a mass arrival of people that the Government has failed to reverse. While the Prime Minister keeps repeating that the situation is under control, the property market data tells another story: flats that were worth between 260,000 and 280,000 euros have dropped to 200,000 in just twenty days. That 30% fall is no accident; it is the most visible symptom of an economy in retreat.

Local commerce dies before the politics

Cruise ships that used to dock in Ceuta have suspended their calls. Activities are being cancelled and people are staying home. The economy of a border city depends on movement, and movement has stopped. Some argue that in a situation like this a state of siege and a war economy should be declared. Others prefer to see the newcomers as potential doctors and engineers. But the baker, the butcher or the supermarket do not run on altruism: if the customer does not come out, the business closes.

Property prices: the figure that sums it all up

The price fall is not speculative: owners are selling en masse. According to the figures used by the sector, flats that were going for around 260,000-280,000 euros are being closed at 200,000. In twenty days. It is the reflection of a city that sees its future at risk: without economic activity, there is no population to sustain prices.

And meanwhile, the Government sends ministers to make token appearances, without concrete measures. The question hanging over Ceuta is an uncomfortable one: how long can a city hold out with its economy in free fall and a political response limited to looking the other way?