Seen 45 mins already, and I have to say it describes the reasons quite well (although it’s made a few howlers, and concentrates a bit much on Brit expats – they weren’t to blame for the crash).
A combination of a over-heated economy, too much spending by local govts who had the power now to do so, lax lending by the cajas, and surging prices in the housing sector. A classic bubble that would end up in the current deflation. Perhaps the point they needed to stress more was that a lot of people chose to work in the lucrative construction sector instead of other areas.
…and the banks. One of the things that imediately struck me when arriving in Spain was how everyone with a degree ended up working in a bank. The banks paid most, had the best convenios (e.g. obligatory summer timetables) and “gave the most job security”.