Recession good for property investment, says buyer

A buyer of Spanish property who invested in the last recession has said that doing so at the time has helped make his move to the country progress successfully.

The purchaser picked up a house in Marina Alta, a northern part of the Costa Blanca, in 1994, when Spain was still in recession.

He noted that with little demand for building work at the time, he was easily able to source the local labour needed for new developments on the home, such as terraces and a new garden.

This also helped develop new friendships, the buyer said, something that aided him settle into his new life along with choosing to join local clubs and become familiar with the area's traditions and culture.

Spain's current recession has seen a fall in the number of property transactions, but recent figures from the National Statistics Institute may indicate that the market is approaching the bottom, Reuters reported.

The data showed that in March the dip in transactions was the lowest seen in 11 months.

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