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Wealthy investors are looking for Spanish property, says expert

Falling house prices in Spain are drawing wealthy buyers looking to pick up bargains.

According to the Spanish Property Owners Guild some sales are delayed because they are in the hands of receivers, although depressed values are helping maintain interest.

The organisation’s spokesperson Paul Bradley had some advice, which could be helpful to Brits considering a move abroad to an expatriate lifestyle in Spain.

Mr Bradley warned of the dangers of buying property before it is built. He says he is hearing more stories of "those that have bought off-plan but have no electricity or water".

However, second-hand prices have now bottomed out "and the wealthy seek to take advantage", he added.

Expats looking to buy abroad could get more for their money, according to the latest Knight Frank Global House Price Index. It found property prices in Spain fell by three per cent in the first quarter of 2009, compared with the previous three months.

Mark PawlakADNFCR-1788-ID-19242962-ADNFCR

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