Agreed, wait a little longer. I think this offer is targetted at Chinese and Russians who don't really care about the price, they want the residency. Nice of Spain to let them in so they can then move to London...
I was in Barcelona a few weeks ago, I think the city is doing much better than the rest of the country as most businesses are based there. Madrid is mostly public sector employment (= game over). My boss has a very smart 1 bed apartment in the posh downtown area of Barcelona which he is selling (currently let on a short-term basis to execs/posh holiday makers). It is up for 105,000 Euros and he'll probably get that for it due to the local market. Personally I'd be looking to buy a villa along the coast from Barcelona, but not for another 2 years or so as the market has further to fall. I'd also be paranoid about the land laws over there, maybe buy something with no garden so a neighbour can't appropriate it
