Why is property so cheap in Spain?

Could you please explain to me why property prices in Spain are relatively low? I've noticed that compared to other European countries, Spain seems to offer properties at much more affordable rates. Is this due to the economic situation in the country? Or are there other factors that contribute to this trend? Could you elaborate on the reasons behind this phenomenon and possibly provide some insights into whether or not it's a good time to invest in Spanish property? I'm interested in understanding the market better and your insights would be greatly appreciated.