Do you think now is a good time to buy?
That would depend on where you are thinking of buying:
Prices in some places, e.g. Playa Blanca, are heavily influenced by the exchange rate with the British Pound because of the high proportion of British buyers. In other places, e.g. Arrecife or Famara, there are less British buyers, so prices are not influenced by that exchange rate.
On the other hand, rental returns are good in many areas and there is a real property shortage in places like Playa Blanca.
Also, as stated by someone else, prices were depressed for a very long time.