Spanish property investors urged to buy 'at the right time'

Overseas property investors are being urged to purchase property in Spain at the right time in order for their investments to hold their value.

Spokesperson for the Spanish Property Owners Guild Paul Bradley stated that over time property in the country does retain its value.

For example, he noted that a typical two-bedroom apartment in Spain may have cost GBP8,000 in the 1970s, but could now be worth GBP130,000.

However, he called on investors to purchase property "at a sensible time" and urged would-be buyers to take a "hardnosed investment approach" rather than "buy with their hearts".

Mr Bradley added that despite the sterling's poor performance of late, many Britons are still seeking to purchase a property in a foreign country to break away from the UK.

"Spain is one of their favourite escape routes as it is so near, has a great climate and wonderful people," he remarked.

In fact, over a quarter of foreign properties purchased in 2007 by Brits were located in Spain, figures from the Association of International Property Professionals revealed in March 2008.

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