I really don’t know anyone in real life who has any positive to say about spain right now and the forums are full of bullshitters who are either in the property business or desperately trying to sell their property.
We relocated to Spain a couple of months ago and have had nothing but a positive experience. We purchased the property at what we considered to be an extremely good price (and frankly, we really do not care if it goes down – or up – over the next few years as we have no intention of selling it in that time frame). I would be fairly confident that in the medium-long term it will prove to be a fairly decent investment. A rough equivalent property in the the UK would probably have cost around a million…. given we got it for a fraction of that, we have the space and the lifestyle we were looking for at what we regard as a bargain-basement price. We still retain other property investments in the UK and would certainly consider an additional property in Spain – if the price was right.
We have found the cost of living here to be far less than it was in the UK, and the weather… well… no comparison. It is also quite nice to be away from a place where you are under surveillance 24/7 and can find yourself harassed and even arrested for taking photos of tourist attractions! The roads here are not congested, and service in the shops is far better than we have experienced in the UK as of late. The UK is no longer a very pleasant place to live as far as we are concerned, and we are glad to be out of it. Of course Spain has some problems. Everywhere does. We have lived in the UK, the US and even in North Africa so do have something to compare it to. Nowhere is perfect, it is all a question of compromises. If it adds up for you – go for it. If it doesn’t, then don’t bother – or leave.