Property investors in Spain 'should wait a year or more'Property investors in Spain 'should wait a year or more'
Property investors are being advised to return to the Spanish property market in 12 months' or two years' time when there will be bargains to "snap up".
According to the Spanish Property Owners Guild, the housing market in Spain is in a "valley", with prices and sales falling. There are over one million unsold apartments in the coastal areas in various stages of construction.
However, estate agents are hopeful that the market will "bottom out" within the next 24 months years and then begin to recover.
Paul Bradley, a spokesperson for the Spanish Property Owners Guild, said: "Thanks to the plethora of TV Property Shows ... every potential customer is now aware of the dangers of buying property in Spain.
"We recommend waiting for 12 months then cash buyers ... can snap up some bargains."
According to the International Property Market 2007 survey by the Association of International Property Professionals, Spain continues to be the most popular destination for British overseas buyers, with a 25.4 per cent share of the market.