If your after a holiday home than you can get amazing value right now and even better in the next 18 months. People are buying €1,000,000 villas for €800, 000 or less.
There are agents dealing in undervalue properties in distressed sales. You can get a great deal. With a property 30% or more undervalue than you can easily get 100% mortgage. Sometimes even 110% leaving you with a couple of grand to play around with or it could cover the mortgage for many months.
So for holiday home hunters its a great time. Spain is so accessible its incredible. Having lives there myself though i wouldn't buy there as its a bit to westernized for me.