Chris, I find myself both agreeing and disagreeing to a certain extent with your assertion on grade A stock.
One of the particular areas I am looking at, Nerja, is most firmly in that category. When I started looking a couple of years ago I was assured by many that prices there wouldn’t fall. It was simply a too sought after location. Lo and behold, they have. Not by as much as in other areas I’ll grant but properties there can now be picked up for some 15-20% less than two years ago.
In short, given the severity of this downturn, I don’t think any property or area is completely immune to what is happening in the rest of the market. Less impacted I’ll grant though.