Thinking of starting up Estate Agency/Property Management company in Spain

I am already a manager in a successful London company and have been thinking of branching out into the Spanish market. Crazy move given the current climate could be most reactions, however I think there are certain strategies that would work in spite of , or even because of it.
My question is what would be the main hurdles to this as far as Spanish law goes? Is there a difference between a european starting a business up in Spain to a Spaniard starting one up in London, say. I know that all Euro nationalities have the same rights to operate under the same rules. Is this the same in Spain?

I know Spain very well , can speak both Castellano and Catalan, have extensive knowledge of cultural differences but not of national law concerning this business. Any help or advice out there?
I am looking at the Comunitat de Valencia as a starting point.
Thanks in advance

Hello Escoces,

I know this answer arrives late, but just in case it may be helpful for anyone, I will post it.

There are no major differences if you are going to set up a branch office in Spain, compared to setting it up in another EU country. However, I recommend you to get correct advice about the fiscal regulations and tax obligations, applied to all companies in Spain. A financial/fiscal advisor will be able to give you the required information, and provide guidance on the tax you would be paying depending on the invoicing volume and projected income you are looking at. The Real Estate business in Spain is one of the hardest hit sectors by the economic crisis however it slowly starts to improve.

Regards,