Two simple facts from the article:
1) “Between 1995 and last year, Spanish house prices tripled in nominal terms, and doubled in real terms.”
2) “I would expect real Spanish house prices to fall by almost as much as they have risen over the past 10 years. If one looks at real house prices in the US or Germany over very long periods, one finds that they have been virtually flat – as they should be.”
This clearly tells us that the fall will be an overall 50% (not including the panic which can
lower by more than that).
This means nicer places like Marbella wll have 20% decrease and junk places like
Vera-Mojacar or Salou will decrease by 80% (if anybody will ever be interested).