It depends on what kind of opportunities interest you. I’m keeping an eye on an area of Madrid where flats which once cost about €200k can now be bought for less than €70k, and they can now be let out at nearly 10% yield. I’m also keeping an eye on the Javea area because although the rental income won’t be so high, I wouldn’t mind having a holiday home in that area. The first option would make more sense financially while the second would be more of a luxury. My decision will ultimately be based on how confident I feel about my own finances – can I afford the luxury? Or do I play it safe? The thing to remember about Spain is it’s expensive to buy and it can take a long time to sell. So it’s important to get the decision right the first time round.
The other thing holding me back is the uncertainty about Spain’s currency, and the fact that it may be worth a lot less in a year or two’s time (therefore making any assets you hold in that currency worth a lot less as well). I’m not one for playing the currency markets (best left to the traders) but right now things are so uncertain that I’m happy to hold off a bit longer. There’s no hurry.