An expert has said that now is the time for the wealthy to invest in top-end Spanish property.

Paul Bradley, a spokesman for the Spanish Property Owners Guild (SPOG), said prices for these top-range houses has reached the bottom and are likely to remain there for some time.

As such, he believes "the wealthy [will] seek to take advantage".

Mr Bradley said: "I forecast that demand for these will slowly increase as the market comes back in the UK."

He added that prices are only likely to rise once a property receives interest from more than one buyer.

The Spanish Property Owners Guild is an independent group created to represent the interests of consumers. It was established by Spanish lawyers, accountants and property owners and provides an information and advice service in English.

Mr Bradley’s comments follow the release of the Knight Frank Global House Price Index which found property prices in Spain fell by three per cent in the first quarter of 2009 compared to the previous quarter.

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