Spain tops 2009 property list

Spain has transpired to be the most popular overseas property destination for one portal in 2009, despite the market on the ground suffering a poor year.

Property Abroad revealed that the country had surprised critics with its enduring popularity, something that may encourage those thinking of investing in the Iberian nation.

It noted that there has been a drop in sales, but added: "As we and several other portals have found, there still seems to be plenty of people looking at Spanish property."

The US came second in the survey, which the site said was less surprising in view of the large number of repossessed properties available at low prices.

Property Abroad's listing Spanish foreclosed homes is one reason the country did well in 2009, it suggested.

The country's property has been tipped to become even more affordable next year as prices fall.

Spanish real estate expert Mark Stucklin stated in his regular blog for Kyero.com this week that new rules forcing banks to write off ten per cent of the value of homes they have held for a year or more will prompt them to drop prices to cut their losses.

Like this? Then share with your friends and colleagues!