Bargain property driving interest in Spanish cities

Interest in the struggling Eurozone economies of Spain, Greece and Italy has risen over the past month, with buyers on the hunt for a bargain.

The three nations saw a three per cent, five per cent and seven per cent increase in searches during April, with the Spanish city of Valencia attracting the most interest, Rightmove reports.

Head of overseas search at the firm, Shameem Golamy, explained that Spain's third largest municipality was benefiting from hosting the Grand Prix in June and its inclusion in Lonely Planet's top ten beach cities.

"The allure of reduced priced properties are still attracting extra interest in other regions in Spain, with Malaga, Alicante and Minorca all seeing increased user activity in April." She added.

According to data collated by Spanish Property Insight, real estate values in Spain are expected to continue their decline over the next year.

Idealista, Tinsa, Standard & Poor and BBVA, all forecast that Spanish property values will continue to fall by between 4.4 and 10 per cent in 2011.

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