If you buy direct from auction, you can pick up property at a fraction of the loan value.
I got a house in Toledo with three ajoining building plots for $15.000.
The average sale price there in 2007 was over $100.000.
The property was a two unit home so its ideal to clean up and rent out or just sit on for a few years till the market picks up.
It will pick up, the rental market is good.
I dont think there will be to many bargains in Spain and you are talking a different price range.