Spain’s development ministry estimates there are 687,000 unsold new homes for sale. Other studies put the number as high as 1.6 million in the nation of 47 million, where 80 percent of the population already lives in owned homes, a rate much higher than nations like France, Germany, Italy and the United States. There is no government figure for used homes for sale, but estimates range into the millions.

The 33-year-old Caballero, an unemployed chauffeur, last rented his apartment for euro750 ($980) a month two years ago, and is now asking just euro500 ($650) per month. Similar apartments are being offered at euro375 ($490) monthly, but he’s asking for more because his is in immaculate condition with new furniture and appliances.

His father, Jesus, is offering his apartment for sale at euro108,000 ($140,000), meaning he stands to lose tens of thousands of euros in a bid for retirement cash now that he’s reached age 67. But banks selling foreclosed property in Sesena have smaller apartments listed as low as euro65,000 ($85,000).

“Selling or renting now is like winning the lottery,” said the younger Caballero, who lives with his parents and shells out euro500 ($660) of his euro700 ($900) monthly unemployment check to pay his mortgage and other apartment costs.

In the town of Yebes more than an hour’s drive from Madrid, 9,000 apartments and small houses were supposed to be built in a bucolic country setting next to a high-speed train station so workers could get downtown in less than 20 minutes.

But only 1,500 were finished before developers went broke, 3,000 people live there instead of the projected 30,000 and government officials never launched the train service.

“The station is built, the trains are bought but they never started running,” said Mayor Joaquin Ormazabal.