There are countless cheap properties in Spain that you can buy. It's a buyer's market at the moment, and people are slowly making their way back to Spain as confidence gradually recovers. Do your research, and property in Spain can still be a good investment, as long as you're in it for the long haul. You can also navigate online to homesgofast.com/property/sale/spain and get great property deals.
Choose popular coastal locations with good rental or investment potential, such as the Balearic Islands, the Costas, Marbella or Valencia. There are plenty of places inland that offer good value for money as well, although you may need to look for a place with good amenities and make sure it's not too isolated.
Look for quality construction and services, an attractive environment that people can identify with. Cities like Barcelona and Madrid will always be popular, but property tends to be more expensive and only appeals to a niche market.
The type of property that offers the best deals is new-build, 'turnkey' accommodation, in part because there is so much to sell. There are some really good deals going on right now.
In many cases, builders need to sell them to pay the banks, so they are willing to accept up to 40 percent less than the asking price just so they can close the sales office and move on to their next project.
Clearly, there are plenty of bargains on the market; As long as you approach with care and research, and seek good legal advice, cheap property in Spain can still offer a good investment.