As from 19 January 2013, the law has changed. If you are resident in Spain, you must renew your licence (for a Spanish one) within two years. You can read all about the new regulations here: costablanca.angloinfo.com.
I would add just the following information to the above: where the article states that "[your] licence must be renewed within two years of the first day of the driver's official residency in Spain", if you have been resident in Spain prior to 19th January 2013, you have until 19th January 2015 to renew it.
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