Longtime participants on this site know that jake/spanishsiesta/marbellacontract (and whatever other name he may use) hijacks every thread with gloom and doom scenarios. Please be advised that he does not own real estate in Spain.
In the history of real estate, nobody has successfully predicted the ‘bottom’ of a market. And what’s more ridiculous about his post here is that, somehow, with his prediction of major economies ‘crashing’, he thinks that money will still have value so you will be able to purchase something for 75% less than now.
The decision to buy a place is very important and all factors should be considered, especially since a ‘vacation home’ could turn out to be a very expensive endeavor.
However, if one’s finances are sufficient and if one is sure about the doing this, I think a good deal could be negotiated. There are decent apartments in Barcelona that can be had for 60,000 or less, albeit not in the center of town. And the owners/agents at every place I looked at (I bought last year) lowered the price during my inspection.