I’m not an expert on the US market, and don’t know that much about Barcelona either, but a lot of the UK press seems to be of the opinion that the US economy is going to be revolutionised over the next decade because of shale gas. Commentators are saying the US will become entirely energy independent again and it will be a complete game changer. While the outlook for the eurozone is “uncertain” at best. Based on this, I’d be looking to invest in the US (where there is a much more fluid and regulated property market, prices have probably already touched bottom, and the government is stable). If you are looking to own your own pad in Barcelona, and make a bit of money on the side as well then that might be a different matter, but from a purely investment point of view I’m inclined to go with what Logan says.