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our UK property which in the long run will see its value recover much quickly than Spain.
That is by no means certain. The UK is going to have the sharpest cuts ever until 2016 which could see prices falling due to the suppression of the economy. It could go on even longer with a ‘Japanese Style Lost Decade’.
If Spain crashes out of the Euro/It collapses/Germany leaves there will be a depreciation in Spain of an unknown amount (20-50%??) and an on going fall in the exchange rate which is tradition for Spain.
The only real solution is to get out of Spain and get out of property investment altogether, its all going down for a long time just for demographical reasons never mind taxes and the Depression.