Spain 'already recovering'

The Spanish property market is already starting to recover, an expert has said.

In an interview with Kyero.com, head of Spanish real estate consultancy Irea Mikel Echavarren stated that prices have already dropped as low as they will go and anecdotal evidence in the sector has indicated that the level of transactions is going up.

However, he commented, this revival of the market will not appear in official data "until the first half of 2010".

"As soon as there is a general perception that things are getting better, house prices will stop falling and start rising," Mr Echavarren added.

The expert commented that official statistics in the country have been "worthless", because they have understated how much prices have fallen.

Spanish property remains popular among Britons seeking to live there, it has been noted.

Real estate firm Primelocation.com revealed that the country accounted for 26 per cent of online searches in 2009, the second highest number for any nation.

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