Spanish property is continuing to increase in affordability as the downward trend in prices continues, a new study has shown.

Knight Frank’s quarterly survey of house prices around the world revealed that these are tending to fall in most countries, of which Spain is one.

In the Spanish property market, the first quarter saw a drop of three per cent, while the year-on-year figure for the country in the period saw a reduction of 6.8 per cent.

Such a situation could be advantageous for those looking to pick up a property in Spain at a bargain price.

Head of international research at Knight Frank Nick Barnes said there is "evidence of buyers snapping up relative bargains", although he noted that many are holding out for further price falls.

A recession proved a good time to buy for one investor in Spanish property in the 1990s.

The buyer told the Daily Telegraph recently that the decision to do so in 1994 meant he was easily able to access labour to carry out improvements on the home he had bought.

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