Property in Spain 'lower in price'

The price of buying property in Spain has lowered over the last 12 months, which may be good news for potential investors.

From April 2008 to the same month this year, the average cost of purchasing a property in Spain has fallen by ten per cent, according to a report by appraisal company Tinsa.

The study shows that coastal homes experienced a particular reduction, with houses by the see now available for 13.5 per cent less than at this time last year.

Property in Spain's larger cities has also been reduced by a significant amount, with townhouses now costing 10.3 per cent less on average than in spring 2008.

The price of island accommodation in the Balearics and Canaries has also experienced a decline, with villas now available for purchase for 9.3 per cent less than last year.

James Gonzalez, market analyst at Obelisk Investment Property, recently said people looking to invest in property in Spain can benefit from a host of bargain homes on the market.