Good life turns sour for expat Britons as housing slump spreads to Costas

Britons living in Spain have been hit by a housing crash that has led to the value of houses and apartments on the Costas falling by 20 per cent and estate agents predicting worse to come. A glut of new property, built during a decade of booming prices, has left thousands of homes unsold, increasing the risk that prices will not recover for many years

Thomas Catán in Madrid, The Times - 26 May 08

The Spanish property market has all but ground to a halt, and Spanish and British buyers alike have been hit by the effects of the global credit crunch, rising interest rates and an economy slowing sharply - full article