Experts urge money transfers to Spain's underdeveloped regions

Brits looking to transfer money to overseas assets have been advised to avoid Spain's overdeveloped regions.

Real estate expert the Property Finders recently highlighted figures showing some areas of the country have seen a 35 per cent drop in house prices, the Daily Mail reports.

Barbara Wood, director of the company, explained that Murica, Torrevieja and sections of Almeria are attracting fewer investors.

As a result, Brits are being encouraged to consider money transfers to Spanish assets located outside overdeveloped areas, such as Costa Blanca's Javea and parts of the Costa del Sol.

In addition, Ms Wood warned potential expats to secure investments in regions that consistently attract buyers and tourists rather than locations that are forecast to be up-and-coming.

"Steer clear of all the peripheral areas that have grown up in the last five to seven years of the building boom," she told the paper.

Meanwhile, Select Property recently stated the Dubai property market is emerging from the recession following the publication of Colliers International figures that show a seven per cent rise in the region's house prices.

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By John Mills