Good deals 'can be found' in the Spanish property market

High levels of unsold stock and distressed properties for sale in Spain make it a buyer's market, it has been suggested.

Bloomberg highlighted the fact that Spanish real estate values have now slipped to their 2003 levels, making it an enticing prospect for investors.

Speaking to the publication, Liam Bailey, head of residential research at Knight Frank, advised anyone considering entering the market to do so with caution.

"There are reasons why properties are distressed," he stated. "As an outsider coming into the market, it's so risky. You've got to get under the skin of the market and figure out why people are selling at a loss."

Mr Bailey added that if you choose a destination that you enjoy visiting on holiday to purchase a second home, you should have good rental potential as the property is likely to be in a place frequented by other tourists.

Meanwhile, Spanish real estate prices are continuing to fall, with the nation's Ministry of Public Works revealing earlier this month that a quarterly drop of 1.3 per cent was registered between July and September this year, while values fell 5.5 per cent on an annual basis.
 

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