Investors and lifestyle buyers taking advantage of Spanish house prices

The property market in Spain has attracted an increase in both lifestyle buyers and foreign investors, a report by Overseas Property Professional (OPP) has claimed.

According to the real estate news portal, some regions of the country have experienced unprecedented sales growth in comparison to 2009 - despite many considering it to be the worst year for a decade for investment.

However, the drop in prices in the country has led to an increase in buyers looking to take advantage of bargain properties.

OPP reports that lifestyle purchasers have headed to affordable locations such as Marbella for rental properties, while serious investors are picking up distressed bargains in more developed areas.

"The British know Andalucia and Mallorca are premium locations and are taking advantage of interesting current prices," developer Taylor Wimpey de Espana's sales and marketing director Victor Sague told OPP.

"In areas like Mallorca and Marbella the offer is quite limited already. Costa Blanca is absolutely different. There is a lot of oversupply and therefore developers are reducing prices to keep selling."

Earlier this year, A Place in the Sun predicted that Spain was the best destination for property investment in 2010.

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