Palma.— People looking for a house overseas should turn their attention to Spain because “there are a lot of great properties for sale at prices lower than we've seen for ten to 15 years”.

This is the opinion of Andy Bridge, managing editor of A Place in the Sun, who explained that many financial institutions are keen to sell real estate to new buyers with cash available when previous owners have defaulted. He added that the Spanish property sector may see prices fall further, noting that the decline experienced so far occurred as the country's dwellings had become over-valued and further adjustment may be necessary. At the end of last month, mission chief at the IMF James Daniel predicted that homes in Spain were likely to continue to decline in value due to oversupply on the market. Bridge also pointed out that people who want to secure a property abroad currently have a choice of several distressed property sectors, with Spain just one of a number of options.

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