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Minister sees end to Spanish property problems

Those discouraged from buying investment property in Spain due to recent market uncertainty have been reassured by one official, who predicted the downturn will come to an end in 2009.

Reuters reports that the country's housing minister Beatriz Corredor said she anticipated that the market would soon be recovering after the recent slowdown.

"Forecasts by international and national organisations, as well as the government, point to an economic and property sector recovery beginning in the second half of 2009," the politician said.

However, Corredor claimed that the recent downturn had been necessary for the market, as prices had risen significantly in the last ten years.

Paul Collins, property editor at BuyAssociation, said that there are currently some "great deals" on overseas property, given that some markets have begun to slowdown.

The expert noted that Spain was among the locations where investors could pick up a favourable deal.

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