Writing for Nuwire Investor, Liam Bailey explained the question over whether a particular property is overvalued comes down to its location and what similar units in the same area are selling for.
He also cautioned investors who are waiting for the market to drop further that they should take good opportunities if they come along, otherwise they may discover they have missed out altogether.
One region potential buyers may want to explore is Murcia, according to Mr Bailey, as he noted there are bank-owned properties available here at reduced prices.
What makes this market particularly attractive is the construction of the new Paramount theme park, as well as the opening of a new international airport later in 2012, he explained.
Mr Bailey isn't the only commentator to suggest Murcia is a sensible option for property investment in Spain, with director of local agency Mercers Chris Mercer stating earlier this month that the region's real estate sector is "looking at the first signs of recovery".