Spain's economy has been booming since 1996. Indeed, the transformation of its economy and society is commonly recognised as the Spanish Economic Miracle. Spain today is Europe's biggest car manufacturer, its agricultural superpower and Spain's technological multinationals such as Gamesa, Indra and Abengoa are world leaders in their respective fields. The clothing retailer Inditex has, with its its multibrand strategy, overtaken H&M and GAP, something unthinkable a few years ago.

Spain's economic problems stem from the surplus construction of housing and office units between 2007 and 2009. Little or nothing was done by the government to cool down demand or restrict supply. The interdependency between the construction sector and the normal economy continued to grow and the construction sector's problems are now hitting the real economy with full strength. However, Spain's banking sector is one of the most solid in the world, and when the economy hits bottom, predictably in 2010, property values will start to climb back.

Spain is historically a very attractive destination for northern Europeans. European integration has just started and in future we will inevitably see millions of northern Europeans wanting to leave the cold north for a warmer climate and a more comfortable lifestyle. More and more technological companies are siting key investigation and design departments in Barcelona because it is so easy to attract talent from all over the world to a city which has been raising its profile ever since the 1992 Olympic Games. These macrotrends are undeniable and will make Barcelona's property market bounce back faster than other, less well-favoured cities.