If you buy like that in the current market then your asking for trouble.
People still want to buy nice places to live in Spain and you have the English thing of wanting to own your own property.
I have advise family to come over and rent before buying (which is good advice to anyone looking to move to Spain) but they want to own their own home in Spain.
However when they buy they will be buying at no more than 2200 euros psn and not looking to sell in a hurry and probably wouldnt be involved in the scenario you just talked about.
I obviously feel sorry for people who did get involved in buying at the very top of the cycle and have friends who bought at 280k and now have negative equity here in Spain and they are people who have lived here for years.