I would concur with Stravinski but adding a few other comments. The market here is Spain, especially in Andalucia, CdS was fed to an extent by a demand from UK buyers. Developers went overboard meeting demand but they did not always follow the rules and a few (could be a few hundred but ...) buyers thought they had legal builds but ended up with huge problems due to developers greed. Add to this the exchange rate change over the past 12 months and UK buyers are (a) put on guard re buying at all unless paperwork is fully in order and (b) less able to afford the asking price in euros after conversion from pounds.

I looked at many places down on the CdS last year and every one of them was illegal or at best iffy in some respect. Buyers have stopped enquiring or are simply holding off buying, some sellers need to resell and relocate, some sellers are trying to sell what they know is a bit iffy and get out with something rather than lose the whole lot and of course the exchange rate is still poor from pounds to euros and the UK is less bouyant too in general. Those on fixed UK income such as pensions are hit every day due to the exchange rate hitting their spending power. Yes some people are reporting sales at massive reductions (half asking price) but that either means the asking price was unrealsitcally inflated in the first place or there could be something iffy about the property. Unfinished developments are leaving buyers without infrastructure which makes it even worse for those half way through buying.

In my opinion, the domestic market will settle again at a price affordable by the Spanish earners but the speculative and holiday apartment market looks really dire. If I can find my dream villa, detached, legal and with all infrastructure in place I will still go ahead and buy but until then I stay put in my place as it is. At least that is fully legal, fully serviced and I call it home.