Property in Spain 'widely available'

People looking to invest in an overseas home may be buoyed by the fact that a large selection of property in Spain is available.

A new report by business school Instituto de Practica Empresarial has revealed that there are as many as one million unsold homes in the country, providing ample opportunity for selective buyers to pick the most suitable abode.

The research also outlines Andalucia and Valencia as the two areas where the most property in Spain is available, with a chance that even more accommodation will be on the market in three years' time.

"If the market does not come to life and the housing stock keeps growing, by 2012 it will exceed 1.2 million empty and unsold units," the report states.

In related news, recent figures released by Knight Frank revealed that the average price of property in Spain has fallen by 6.8 per cent since the first quarter of 2008, which may appeal to many potential buyers.