The best locations in Spain have held their value relatively well. These tend to be areas where demand is greater than supply and include prime stretches of the Balearics and exclusive pockets of the Costa del Sol.
One of the latter is La Heredia, a well-established residential village in the foothills of the Sierra Blanca mountains (pictured), 5km inland from the coastal town of San Pedro de Alacantara.
Only 15 minutes drive from Marbella, it has been called "the Knightsbridge of Spain" for its quality properties in a tranquil setting and the international owners and tenants it attracts. Why its popularity apart from the location?
"The colourful townhouses and villas are uniquely individual, with antique wooden doors, hand-painted tiles - no two houses are the same," says Sheldon Chase of MSH La Heredia (www.msh-laheredia.com).
"Built 850 feet plus above sea level, they offer incredible views to Africa, the Straits of Gibraltar, the Mediterranean sea and the golf courses below.
"On top of this it has one of the best restaurants on the coast - La Casita - owned by Gordon Ramsey trained chef Lawrence Otterburn [www.lacasitabenahavis.com].
"This is truly a fantastic place to be and everyone who lives or owns a property here, believes they are exceptionally lucky to have found La Heredia."
So how much does it cost to buy - or rent - there? Property types range from two-bed, two-bath townhouses, to four-bed villas with terraces up to 80m2.
"The market peak was around 2006 for the average townhouse in La Heredia," says Sheldon.
"For example a 135m2 two-bed, two-bath townhouse with west-facing views cost €285,000 in 2002. The price reached €495,000 in 2005. Today's price for this property would be around €350,000.
"Holiday rentals are also very good. At peak times a three/four-bed townhouse can rent out for almost €1,500 euros pw - July/August and a two-bed property around €700/1,000 pw. So a very good return."
If you are looking for a property in Spain, there will be hundreds of properties on show at A Place in the Sun Live at Olympia (12-14 April), where you can here get two tickets for £15.