I visited both Spain and Portugal in ballpark 2005/2006, I don't recall exactly.
The trip was fantastic, and the eyeopening was priceless.
Someone on the bus tour was telling me that I could buy "a property like this for about $20,000 USD", as we were whizzing by on the bus, in the countryside of Portugal. Not unless it was a TimeShare.
Well, NUF SAID. Sounded like a lie then, and Just might be a reality In Another Year. Without the Timeshare hitch attached.
When folks really CAN purchase what appears to be a reasonable home at a rock bottom price, that does create a Market. And every little profit creates a bigger market, which creates a bigger pool of interest, with creates a larger market, which creates a bubble, which tells you to SELL.
But jobs are needed in Spain, and with so much unemployment, things get dangerous I have been throughout Europe extensively. Vienna is nice. 5% unemployment, clean, and the trains are decent. Much of the southern tier of Europe is in a real life cliff drop. As is the US. Hang tight everyone.