Spanish property sector 'will recover next year'

The Spanish property market will begin to pick up next year, the country's housing minister Beatriz Corredor has predicted.

Spain experienced a prolonged period of house price growth during recent years, but property values have declined in some areas in the past few months after the country was badly affected by the credit crunch.

However, Ms Corredor is now confident enough about the Spanish property market's prospects to have given a firm date for the end of its downturn, reports Reuters.

"Forecasts by international and national organisations, as well as the government, point to an economic and property sector recovery beginning in the second half of 2009," she said.

The minister's comments come in the same week as an international property expert said that Spain is a good place to find bargains at present.

Paul Collins of BuyAssociation explained that investors who can afford to buy now are in a strong position to obtain "great deals", meaning they will be able to profit when the market cycle moves on and prices begin to rise.