Investing In Costa Del Sol, Spain?

Hello,

Recently I’ve been contemplating my investments due to a piece of land that came under my possession (thinking about building on it but its getting quite complex), I’ve seen many aussies are going to try their luck in the US market to take advantage of its low which gave me the idea of trying to invest overseas, I currently have investments worth $1.4 mill here in the Western Australia market which seems to be growing steadily again, so selling while at its peak to purchase in countries that have been badly hit by the economy and wait till it gets better sounded like a good idea, I spent a few years in my youth in Costa Del Sol which is a touristic paradise for many…but the markets there right now are tough, though there is oodles of properties on the market to choose from, there is tons of undeveloped houses and buildings from lack of funds, very few people can find tenants for their properties with the big competition there is (I plan to rent),

So my question is, how risky would it be to invest my capital there instead of maintain what I have here? does anyone have experience or investments in that part of Spain?

Thank you,