Its not like this type of thing hasn’t happened before e.g. Japan, Hong Kong, Thailand, UK, The Netherlands, US, Finland, Canada etc. Speculative bubbles are a common occurrence in real estate markets. The next big hot spot markets to fold will probably be Bulgaria and Dubai. The Spanish market will recover long before these markets in my opinion. Its close to the centre of demand in this hemisphere (Western Europe) and the tourist infrastructure is well established.
