It very much depends on where you want to be in a resort. In Tenerife currently you can buy 1 bed on golf course from about €60,000 up and 2 bed from €75,000. You could buy 1/2 bed up hill for similar amounts in great condition.
However if you want to buy in Tenerife in central location, beside beach, shops and restaurants, without climbing hills you are talking about 1. bed nice complex €130,000
2 bed from about €170 upwards.
I think there will be a further drop in prices, many people may need to sell for whatever reason and cannot wait. However nice apartments in the right location are still selling well, a bit slower than a couple of years ago.
I currently know of a 2 bed apartment in a great location in Tenerife, needing renovation costing about €155,000. Renovation would cost about €15,000 - €17,000 that would include replacement of bath/kitchen/re-tiling and replacing white goods. The location is excellent. Excellent rental potential. It has been on the market for €185,000 for about a year the nearest bid is €140,000. Browtal