Spanish property investors 'must take care'

Those who choose to invest in Spanish property should be "very careful" when making a purchase, one expert has warned.

Following data from property firm Assetz which revealed a 150 per cent increase in enquiries about the Spanish property market in the last three months, head of Spanishpropertyinsight.com Mark Stucklin advised potential buyers to be wary, suggesting they should be absolutely sure they know what they are doing before committing to a purchase.

While the drop in prices in the Spanish market may outweigh the drop in the value of the pound against the euro on foreign exchange markets, meaning that prices can still be viewed as favourable for buyers, individuals need to be aware of what overseas ownership entails.

"Buy-to-let investors need to be very careful in Spain. On the whole, most people really don't understand overseas property purchase and ownership," said Mr Stucklin.

He added that often people do not fully understand the true costs involved or the illiquidity in the market.