Spain has a big issue which OP didn't mention. We built more houses than were needed between 2000-2008. Which sadly means a ton of the emoty homes are owned by Banks, so if they devalue the houses their stock price plummets. So they are incentivized to keep the prices artificially high.
That isn't the case anymore. Most of the stock has already been sold, and what isn't sold has been transferred to Sareb, except a few ones that may produce some profit in the future.
