Overseas buyers are hoping to snap up some bargain acquisitions in the Spanish property market over the coming months.

In an interview with Reuters, Van Stults, managing director of Orion Capital Managers, revealed that property in Spain is one of the key targets for its European Real Estate Fund III.

He explained that many investors believe that the Spanish economy has reached - or is close to - its low point and that the market will rebound to give buyers returns on their property investment by 2013.

But Mr Stults stressed that ploughing money into Spanish real estate is not the right option for every buyer, particularly those with little experience of the market.

"Rents are soft and [there is] a tremendous consolidation away from secondary and into prime and quality [property]," he stated.

Meanwhile, data published by the National Statistics Institute earlier this month show that the number of buyers purchasing houses in Spain dropped by almost 30 per cent during April, compared with the same month in 2010.