It’s cheap because the bean counters at Banco Sabadell have decided to dump this development (it’s already written off), but there’s little demand for this property in this area, unless it’s dirt cheap (maybe not even then). By the way, you are obliged to buy a parking space that is not included in the list price.
However, cheap is relative. I know of someone from mainland China who is buying a resale in Mahon (Menorca), 200m2, good quality interiors, nice views of the harbour, for roughly 650 €/sqm, which is about the same price in terms of €/sqm. Now that’s good value.