Spanish property 'great for investment'

Now is a great time to invest in Spanish property, it has been suggested.

Property editor at overseas investor magazine Buy Association Paul Collins said the significant falls in prices experienced in many parts of the world means there are many "great properties" to be had now that would normally be out of reach.

He added: "I have heard about properties going on new developments at only about 45 per cent of their value and those are bank valuations so there are some really good opportunities there."

Spain is a prime example of where bargains like this can be had, he stated, noting that this is also true of places in the USA such as Miami and Los Angeles.

The worldwide average trend for property prices saw a slowdown in the rate of growth in the second quarter of 2008, international property firm Knight Frank has stated.

It said that in the quarter the annual rate of growth was 4.8 per cent, compared with 6.1 per cent in the first quarter.