Falls in property prices 'good news' for buyers

Recent reductions in the cost of purchasing overseas homes mean many buyers have extra opportunities in the market, an expert states.

Annette Reeve, director at real estate broker representative Mayfair International Realty, says a drop in prices in some nations, such as those recently recorded on property in Spain, mean now may be the time for prospective investors to snap up accommodation.

This may then mean that the buyer benefits when the cost of purchasing a home returns to normal levels, she says, which may appeal to long-term investors.

"I think it's a bit like here. The positive among us say: 'We are over the worst, it is going to be a long, slow process to get back again'," she explains.

The specialist's comments follow a recent report by Currency Index, which showed that the average two-bedroom property in Spain's costas is now 30 per cent cheaper than a year ago.