Spanish property has always been a popular choice for laundering black money. I can think of very few countries where such large sums of cash will be accepted for property trransactions, and I would not be surprised at all if the banks themselves were accepting large cash payments, no questions asked, to take property off their hands. When the euro was introduced I remember reading about Germans laundering their soon-to-be-worthless deutchmarks they had stashed under their beds by buying up Spanish property. Right now there is a huge fiscal crack down taking place in many countries, especially France, and the tax man wants to know exactly how much money you have got and he wants to tax it. Even if you have ended up owning a fairly useless Spanish property that you never use, at least you have cleaned your cash and avoided a potential prison sentence.
I guess the residency perk might be tempting Norwegians as well as Russians and Chinese.
Apparently The Netherlands is going to be the next country to be taken down by the euro:
Nobody has really noticed, but they are in the foothills of a huge debt driven recession as well. That may be why they aren’t buying. Although to be honest, their numbers are so low that it could also be put down to statistical noise. Same applies to quite a few countries on that table.