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I make more than 1% or 2% pa on holiday rental of my apartment – and i spend about 3 or 4 months a year out there myself.
I agree it’s not a business investment, but if prices fell another 20% to 30% they’d look attractive.
The problem with Spain is that property will never really be a business investment for non residents unless the government allow mortgage interest and running costs to be deducted from gross revenue, before applying tax.
If this policy continues prices would have to fall by another 50% or more before BTL becomes economically attractive (if you’re honest about paying spanish tax) for non residents.
If the government allowed this small change the property market would stabilise much quicker.