Spanish property is ‘safe to buy’

Spain’s development minister has urged British buyers to consider investing in one of the country’s 700,000 unsold holiday homes.

"This is the ideal time to invest in Spanish real estate," said Jose Blanco. "Prices have fallen in real terms by more than 20 per cent on average; even more in large coastal towns.”

The briefing marks the first day of the Spanish Property Roadshow, which will tour Europe and Russia in a bid to offload the homes at discounted prices and kick-start Spain's struggling economy.

According to the article, which was published in the Telegraph, Mr Blanco dismissed concerns surrounding the health of the country’s financial position, noting that GDP had increased by the end of last year.

"The Spanish economy is beginning to show its first signs of recovery: in the fourth quarter of 2010 Spanish GDP increased 0.6 per cent year-on-year and the forecast for the coming months confirms this," he added.

Meanwhile, Spain’s largest housebuilder, Taylor Wimpey Espana, recently claimed that reductions in asking prices of up to 30 per cent in popular regions of Spain are attracting investors once again.

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