"Property bubble concerns hinder Spain's recovery" from South China Morning Post

"All-out building in suburbs, the country and especially on the coast was the engine of the economy in the past decade. "In the last eight years, two-thirds of the homes built in Europe were in Spain," said Christian Palau, director of the online real estate advertising site Fotocasa."


"The British weekly The Economist calculated recently that Spanish properties remained 46.7 per cent overpriced. The European Commission estimates they are overpriced by 17 per cent."