Spain is the largest and most liquid of the markets we cover: several distinct regional economies, strong infrastructure and an established international ownership culture spanning decades. Interest concentrates on Madrid, Barcelona, the Costa del Sol, the Balearics and increasingly the Valencia and Alicante coasts. Each behaves differently. Madrid is driven by domestic and Latin American demand; the southern coast by northern European lifestyle buyers; the islands by scarcity. Because the market is deep, comparable evidence is available. That makes valuation more disciplined than in smaller markets, and makes overpaying a matter of choice rather than of information.