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Europe
Africa
It depends where in Spain you are sailing from and which direction you are sailing in. The answer can be either Africa (due south from mainland Spain), Europe (due north from Ceuta or Melilla), North America (due west from mainland Spain - specifically Galicia), or South America (southwest from mainland Spain).
Africa would be the main answer, but there are parts of Europe where you could sail south and reach Asia, like sailing across the Black Sea to Turkey.
South America is a continent, Spain is a country.
When you travel south from South Africa, you will reach the continent of Antarctica.
The continent south of Spain is Africa. :)
Africa
Spain is located in the south of Europe.
Antarctica
Cuba
travelling due south from Italy - you would reach the continent of Africa.... specifically the country of Libya.