Spain 'getting cheaper'

The international fall in property prices is helping to make Spain a more affordable place in which to buy, new figures have shown.

Knight Frank's quarterly survey of the international property market showed that most countries are recording continued declines in values, with Spain among them.

The country saw a three per cent fall in the first quarter of 2009, with the year-on-year reduction being 6.8 per cent.

Many people are waiting for prices to drop even lower before looking to buy, said head of international research at Knight Frank Nick Barnes, although there is some "evidence of buyers snapping up relative bargains" already.

Those who do look to buy in Spain at present may find purchasing in a recession works to their advantage, according to the testimony of one buyer who picked up a property in the last recession.

Writing in the Daily Telegraph, the buyer explained that after acquiring a Spanish home in 1994 he was easily able to access labour to carry out home improvements as this had been in low demand.