Investors 'missing out' on bargain property in Spain

Many overseas investors are missing out on "fantastic" opportunities to buy property in Spain, according to a sector specialist.

Spanish Hot Properties claims many people in the UK are allowing bargain property in Spain to pass them by while investors in areas such as Scandinavia are jumping at the chance to own a place in the sun.

Nick Stuart, managing director of the company, says "incredible" offers are currently available, but minor issues such as exchange rates are proving an obstacle for prospective movers.

He comments: "We've seen a lot of interest but there are even more Irish people buying than British people at the present time and the real sales are being bought by other European citizens, some who have the Euro and some who don't."

Mr Stuart points to an example in Marbella, where a luxury property in Spain valued at €1.2 million (£1.07 million) was sold for just €650,000 - almost half price.

Adam Samuel, director at industry resource Nubricks, recently said distressed property in Spain is currently proving popular with overseas buyers looking for a bargain.