Spanish property information site Spanishpropertyinsight.com has reacted to official figures from the Instituto Nacional de Estadistica (INE), which show that the Spanish economy decreased by 0.1 per cent at the end of last year.

Despite the gloomy outlook, the property guide has insisted "canny buyers" will look to take advantage of the situation and find themselves a bargain.

A Place in the Sun recently predicted the best destinations for foreign property investment in 2010 and Spain topped the list for the second year in a row, despite its economic problems.

Mark Stucklin, head of Spanishpropertyinsight.com, said: "There are going to be some fantastic opportunities to buy really great quality property at a great price – taking advantage of this depressed market."

The INE also revealed that house prices in Spain fell by seven per cent in the third quarter of 2009 when compared to the same period the previous year.

Stop dreaming, start searching! Visit Rightmove Overseas for the best selection of property in Spain.