Property searches are up for Spain as investors look to capitalise on falling prices and favourable exchange rates, it has been claimed.

According to British newspaper the Financial Times, many agents have said that price falls in Spain are drawing investors back to the country.

Furthermore, thanks to a strengthening GBP, Spain has become eight per cent cheaper for Brits in the last 12 months.

The number of people searching for properties in Spain in particular rose by 48 per cent in the same period, while they were up 341 per cent since December 2008.

Ann Wright, of property website primelocation.com, told the paper: "Interest in overseas property has shot up in recent months.

"The encouraging signs of recovery in the UK property market and economy and the resulting upturn in consumer confidence appear to have had a knock-on effect on the overseas market."

National Association of Estate Agents International recently suggested individuals looking to buy property in Spain should do so in the early part of 2010.