'Worst year on record' for Spanish house-builders

Last year was the worst on record for Spain's home-building industry, with just 91,662 planning approvals in 2010, down 17 per cent on 2009 and 89 per cent on the record 865,561 in 2006.

The news could be welcomed by individuals looking to buy property in Spain, with there still plenty of opportunities to pick up a bargain.

Indeed, the market's collapse since reaching its peak in 2007 has been mainly a result of a severe oversupply of properties available for sale.

Commenting on the fall, Mark Stucklin, head of Spanish Property Insight, said: "This figure is dramatic, it tells a story of an industry that has all but collapsed.

"And not just any industry; residential construction was responsible for much of Spain's growth in employment and GDP over the last decade."

Meanwhile, Amanda Lamb, presenter of A Place in the Sun, recently claimed that Spain is one of the top five countries for individuals to invest in property abroad. 

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