The Spain market is offering some outstanding opportunities for investment because prices have fallen so much in places, it has been stated.

Paul Collins, the editor at overseas real estate investor magazine Buy Association, said there are some "great properties" that people would often not be able to get to but can now.

He added: "I have heard about properties going on new developments at only about 45 per cent of their value and those are bank valuations so there are some really good opportunities there."

The Spain property market is a very good one to look at for these sorts of deals just now, alongside California property such as Los Angeles and Florida property destinations such as Miami, he added.

Over the whole world house prices were still rising in the second quarter of 2008, but not as fast as before, international real estate firm Knight Frank has said.

It noted that on average prices were rising by an annualised 4.8 per cent in the second quarter, compared with 6.1 per cent in the first quarter.

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