One important factor, Spanish property sales had hit the bottom well before the banking crisis.
While there were many who were cheerleaders of the Spanish real estate boom, it is banks that enabled it to happen.
If the banks had followed their own business rules and not made risky mortgages to individuals and more importantly, not made risky loans to developers, there would have been slower sales, lesser inflated prices and fewer problems now.
The ‘banking crisis’ is self-inflicted. It has affected millions of people around the world. I have no pity for banks.