Reduced property in Spain 'will attract buyers'

Current reductions on property in Spain will persuade more people to invest in homes in the country, a sector specialist asserts.

Figures released by Knight Frank reveal that average property prices in Spain have fallen by 6.8 per cent since the first quarter of 2008, which is appealing to many potential buyers, claims Clare Nessling, operations director at Conti.

She adds that as the pound begins to "claw back" value on the euro, the number of people searching for an overseas home is only likely to increase further.

"When you combine this with the lower property prices that we're now seeing in locations such as … Spain … it simply means that European property has become more affordable," the specialist concludes.

Meanwhile, a recent report by Jet-to-Let highlighting the most popular countries with potential overseas buyers revealed that Spain is the sixth most appealing nation in the world.