Spain tipped for recovery

Spain's economy will begin to recover shortly, the country's prime minister has said, something that may spark renewed optimism among property buyers.

Addressing parliament after central bank warnings that a revival may be held back by high public borrowing and increased unemployment, Jose Luis Rodriguez Zapatero insisted next year will see renewed growth, Kyero.com reports.

He said: "The government considers the worst of the crisis is already over and our recovery will continue progressively, gaining more intensity in 2010."

Mr Zapatero added that it is "reasonable to expect growth by the time we get to 2011".

Such a situation could help halt the slide in property prices, meaning those who invest now or soon could pick up a bargain and then enjoy rising values as the economy strengthens.

Last week it was announced that those looking for Spanish property bargains could pick them up at auction in Mallorca next month.

The sale by Palma Property Auctions will offer homes for sale at price levels that would have been "unthinkable" in the recent past, the firm stated in its announcement.

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