Overseas buyers more active in Spain

Despite the country struggling with high unemployment and a weak economy, demand for property in Spain from overseas buyers has risen year-on-year.

New figures from the Bank of Spain show that real estate investment in the country climbed 2.9 per cent over the course of 2010, with many buyers looking to take advantage of the current low prices on offer, the Press Association reported.

The report found that the last quarter of the year saw the highest annual improvement in foreign investment. Many industry experts attributed the increase in sales to low prices and promotions by the country's banks.

It follows comments from European finance ministers who said that they do not expect Spain to follow in the footsteps of Portugal in seeking a financial bailout.

Spain is the latest eurozone country to come under pressure from financial markets in the past year, with Ireland, Greece and Portugal previously having to request monetary aid from the EU.

It stems from concerns surrounding a large budget deficit and a burst housing bubble in Spain.

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