Rowland, Spain will be badly affcted by the cc as it's prices were over inflated by hitherto cheap and easy money. The same is not so for some of the newer markets that haven't yet been over inflated.

We all like Spain, I'm off thier for my summer holls this year, but investing hasn't made fiscal sense given the mismatch between the over inflated prices, and low rental yields, not to mention the competition with so many properties all seeking holiday rentals.

Once the prices drop by 30 - 40% Spain should present some interesting investments but again only if the rent yields stack up, to provide a positve healthy cashflow net of all expenses, I DO MEAN ALL EXPENSES.

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Been investing abroad a few years. Always amazed people invest in places that produce just a few months rent per year