Distressed property in Spain 'an attractive option'

Foreign investors are increasingly turning to distressed property in Spain, according to a sector expert.

Adam Samuel, director at industry resource Nubricks, says homes which have been significantly reduced in price and still represent good value are generating the most interest from potential buyers.

A recent study by PrimeLocation.com revealed that interest in property in Spain and other overseas homes increased by 14 per cent in March, compared with the same period last year.

Mr Samuel says the statistics show the popularity of places in the sun, though the majority of sales are still being conducted in the distressed property market.

"The people that are out there are looking for really distressed property and not just pretend markets for distressed property," he states.

According to the expert, people buying reduced property in Spain must be able to see clear evidence of its value and also consider other homes on the market.