Could international money transfers to Spain follow fall in property prices?

International money transfers to Spain could help foreign property buyers to take advantage of the falling prices in the Mediterranean country.

According to the latest figures from the Instituto Nacional de Estadistica, sale prices have fallen by 4.3 per cent over the past 12 months.

However, Standard & Poor's reported that asking prices for property were still 12 per cent overvalued.

Mark Stucklin, head of Spanish Property Insight, highlighted the differences between asking prices and sale prices.

"The reality of the market is that there are plenty of asking prices which are completely out of whack with the market, but actual sales prices are down quite a lot below what the official figures are," he said.

He added that British buyers are still holding off to see if the foreign exchange rate between sterling and the euro swings back in the pound's favour.

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Posted by Sarah Pitton