What impact does foreign ownership of housing have on these proportions and percentages? The "one property per person" statement doesn't seem to account for the extent to which the Spanish property boom was driven by northern Europeans buying or building second homes. There could possibly be millions of properties in Spain owned by non-Spanish nationals, and an equal amount owned by Spanish nationals for tourism purposes.
A bubble it remains, but the vulnerability may also be linked to how numbers of visitors to Spain fluctuate and the ability to derive income from the properties that service them.
