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You are on the right page. Michael Ball is actually right. A few years ago a plot of land overlooking the Royal Sotogrande Golf Course extending to some 9,694 square metres was sold for 10 million Euros. The property on it demolished and a new one built. There are many other similar examples on the same estate.
That plot of land had originally been zoned for development in 1966 and sold at a few Ptas per square metre. Where there is shortage and quality prices have held and have increased dramatically.
Conversely in less desirable areas and where there is a surplus prices have suffered a downfall and may deteriorate further, through lack of demand.