The Spanish government has unveiled plans to provide €3 billion (£2.4 billion) to support the nation’s property industry.

It is hoped that the move will provide increased employment opportunities in the sector and boost the interest in investment and rental properties in the country, reports the Financial Times.

Jose Luis Rodriguez Zapatero, the Spanish prime minister, said that the move would help the country to achieve an economic growth of 1.6 per cent this year.

He commented: "Employment is the main aim of the government."

Mr Zapatero added that real estate companies would also receive tax breaks, which he hoped would boost the rental market.

The move is likely to be welcome news for those looking at investing in a second home in the country as the money could prevent the low prices available at the moment from dropping much further.

Government figures from 2007 show that there was a rise in excess of 40,000 in the number of people leaving the UK to find homes abroad with Spain the destination for 20 per cent of the 400,000 leaving in 2006.