Market Forces and the Spanish Holiday Home

With the opening up of international commerce in Europe over the last few decades, people from the richer European countries (such as the UK, Ireland, Germany) are buying up holiday property in the poorer European areas (such as Spain, rural France, Croatia and anywhere those super cheap airlines fly).

So instead of letting the property attain its true value, the European Central Bank wants to raise interest rates to stop the price rise. Canute stopping the tide?