Price of property in Spain 'continues to fall'

The price of property in Spain is continuing to fall, according to new figures, potentially providing bargain homes for overseas investors.

Statistics released by financial expert Credit Suisse reveal that the average cost of buying property in Spain fell by 6.9 per cent in March, compared to the same period in 2008.

The specialist estimates that over 1.5 million homes are still for sale, which may tempt foreign investors.

In January it was reported that house prices fell by 39 per cent compared with last year, and the bank predicts that the decline will continue for the foreseeable future.

Credit Suisse calculates that quarter-on-quarter prices have also fallen three per cent, further highlighting the availability of property in Spain to overseas buyers.

Mike Whiting, managing editor at sector expert Holiday Extras, recently said property in Spain consistently retains its popularity with people going overseas, with Malaga proving particularly vibrant.