The glut of new homes on the market in Spain could hamper the recovery of the property market in the coming years, it has been claimed.

According to an article in La Vanguardia, a Catalonian newspaper, it could take up to 15 years to clear the surplus, even though some homes can be purchased for 30 per cent less than their asking price, reports TheMoveChannel.

Estimates from the Mediterranean country’s ministry of housing suggest that there are as many as 930,000 new-build homes on the market, a figure that could continue to grow in 2009.

This could be good news for investors looking to acquire homes in Spain as sellers could be more willing to negotiate on prices as there is a shortage of buyers.

Sarah Harding of pop group Girls Aloud has recently decided to purchases a property on the Costa del Sol, apparently to take advantage of the warm climate.