Is Now the Time to Buy Global Property?

SEBASTIAN WILLNOW/AFP/GETTY IMAGES

Everywhere you go in Madrid, For Sale signs on half-built apartment blocks dominate the Spanish capital. No surprise: The global recession has hit the country's once-booming real estate market harder than most. Property prices from Barcelona to the Balearic Islands fell 6.5% in the first quarter of 2009 alone. They are expected to drop 35% or more from their 2007 peak by the end of this year.

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