The subprime mortgage crisis caused property values to plummet everywhere, including Spain, making the Mediterranean nation suddenly affordable for a number of retirees. The ensuing eurozone crisis notwithstanding, the southeastern coastal city of Valencia offers hundreds of villas, apartments and houses for less than $200,000 a pop. New one-bedroom apartments in the city sell for less than 50,000 euros (about $61,500). For those who do not want to invest in real estate, rentals are cheap and plentiful. A two-bedroom apartment in the center of Valencia rents for 600 euros per month (about $740).