2 quick points:
Ralita, I agree -there are no signs of recovery in the US yet and I think it is a reasonable guess that their property market is a couple of years from turning round yet.
jwc I think that your statement is wrong
“Land prices all over Europe in the last two or three years have at least doubled”
The spanish market peaked in 2003 and has been falling ever since, a great deal further than most acknowledge since inflation is not as low as the government stats pretend it is. You say prices have doubled when my experience in the CDS tells me that they have actually fallen.