Overseas property investors have been urged to take advantage of low prices in prime Spanish locations.

According to Property Showrooms, the European country currently has a number of good investment opportunities for foreign buyers.

This is despite the impact of the ongoing global financial crisis in the Spanish market, such as a drop in the rate of house price inflation.

While this may appear to be a negative development, industry figures insist that this is actually good news for prospective investors.

Danny Bance, managing director of Property Showrooms, commented: “Spain is now a great buyers’ market.

“Wise money is being spent by astute investors who can still make profits by seeking out exceptional opportunities.”

He added that this year could a good time for “shrewd” property buyers to seek out “smart” and “timely” investments.

Meanwhile, Reuters has cited official figures showing that during the first quarter of 2008, house prices in Spain went up by 3.8 per cent.

People who have invested in the Spanish property market could be set to receive a substantial tax rebate, it has emerged.

Authorities in the European country were recently alerted to an error which was made when foreign property sellers were taxed on their capital gains.

Whereas they should actually have been charged for 15 per cent of their returns, they were actually forced to hand over 35 per cent because they are not Spanish nationals.

However, such a practice is illegal under European Union rules and means that the government must now return the extra money it has taken.

Lawyer Emilio Alvarez, who helped expose the mistake, commented: “This tax trap is thought to have affected hundreds of thousands of people across Europe and in the UK.”

It is thought that British investors were overtaxed by about £37 million, which works out to £11,000 for each sale.

According to Holiday-Rentals, Spain is currently the most popular country in the world among British property buyers.

Overseas property investors could be set to benefit from new opportunities in Spain, it has been revealed.

According to a study by estate agency Engel & Volkers, Malaga is currently seeing high levels of investment by local authorities and developers, reports Homes Worldwide.

Money is being pumped into a number of projects across the region, including the creation of new facilities and buildings.

Furthermore, new jobs are also being created due to the recent influx of international businesses.

This has resulted in positive economic growth across Malaga and the Costa Sol, thereby enhancing its appeal to foreign property buyers.

Commenting on the state of the market, Engel & Volkers said it currently offers plenty of potential for property buyers.

This comes after Homes Worldwide stated that the Spanish Costas are currently benefiting from the so-called “Ryanair Effect”, which means that areas serviced by low-cost airlines tend to have relatively high rates of house price inflation.

Overseas property buyers have been advised to consider purchasing a residence in the Costa del Sol.

Sean Collins, managing director of Pure International, stated that growing competition from emerging markets have made some people turn their backs on Spain.

Speaking to the Telegraph, he said this has resulted in lots of people missing out on potential opportunities within the country.

Mr Collins praised the “great value” of some properties in areas such as the Costa del Sol, as well as the fact that it is a safe place in which to invest.

This, he said, gives it a distinct edge over less-established locations such as those in eastern Europe.

He commented: “Values in emerging markets have accelerated at such a pace that there’s no real reward compared with the risk.”

Mr Collins added that whereas some emerging markets lack modern infrastructure and direct flights, the Costa del Sol has “excellent” facilities and is easy to reach.

The Telegraph recently described the Costa del Sol as a “hugely popular location” for British property buyers.

A British family who have lived on the Costa del Sol for the last five years have been able to make the step up from renting to owning a property in 2008, it has emerged.

Tracey Stratton-Smith and Richard Choo got on to the Spanish property ladder for the first time when they bought a four-bedroom villa close to Marbella for €690,000 (£525,000), reports Easier.

With a bit of help from Duchy Estates, the couple - who are from Polperro and London respectively - managed to purchase a property they are particularly happy they were able to find.

Commenting on their new home, Ms Stratton-Smith remarked: “The French architect had opted for 600 mm-thick walls and at nine years old the property had had plenty of time to settle so anything structural that was going to fail would have already done so.”

She added that the West Hampstead couple who owned the villa before had looked after it well, meaning no major renovation work was needed.

A number of Briton are attracted to living in the Costa del Sol, with the 300-plus days of sunshine every year playing a part in many people’s decisions to relocate from the UK.

Spain is still a dream destination for many British people looking to purchase overseas property, it has been claimed.

According to southern Spanish newspaper Sur, many UK buyers are undeterred by recent negative publicity surrounding foreign property investment and view Spain as one of the most desirable places in the world to own a home.

Sur made these comments after attending the recent Homebuyers and Property Investors Exhibition at the ExCel centre in London, where many Britons spoke to the newspaper about their hopes of moving to Spain or buying a second home on the southern Costas.

Rebekah Lowe of Livingstone Estates told Sur that although some professional investors may be tempted by emerging markets where prices are lower, people looking to buy a property for their own use will continue to be attracted to Spain.

“Spain is for living in and people will always want Spanish properties,” she commented.

According to a recent report from Spanish property website Kyero.com, coastal regions such as the Costa Blanca and Costa del Sol remain “at the fore of the public psyche” for UK people hoping to move abroad.

The company that developed Manchester’s Trafford Centre shopping complex is to try and recreate the plans on the Costa del Sol.

Peel Holdings has been given the go ahead to build a shopping mall similar in design to the one in north-west England, reports the Manchester Evening News.

Torremolinos will be the location for the 80-acre site, which is said to cost £500 million to construct.

Lindsey Ashworth, who is set to lead the project, told the newspaper: “While there will obviously be a flavour of the original Trafford Centre, the major difference is, because it’s in a warm climate, it can be outward-facing.”

The company representative added that bars and restaurants around the complex will have terracing, while some will be constructed around a lake.

Millions of Britons head to the Costa del Sol for their holidays every year, while many decide to purchase property in this part of Spain.

The regional government of Andalucia is attempting to make the area safer by banning the ownership of dangerous animals.

Under the new system, large reptiles, poisonous insects and large primates will not be allowed in Andalucian households and people who flout the law could be hit with a fine of €115,000

People living in the region who already own such pets will be given a six-month period to take the forbidden animal to their local city hall and hand it over, Homes Worldwide reports.

Andalucia is the first region in Spain to introduce this type of legislation and officials hope that the new law will prevent deadly species such as snakes from escaping into rural areas and breeding.

The regional government believes that the regulations should enable homeowners on the Costa del Sol to live in a safer environment.

According to southern Spanish newspaper Sur, the new regulations also include an extensive reclassification of dangerous dog categories.

Ski resorts in Spain are becoming more popular with winter holidaymakers while maintaining their competitive prices, it has been claimed.

According to Homes Worldwide, Spain’s ski resorts were largely “ignored by anyone outside the country” until recently, but are now gaining a reputation as some of the best skiing locations in Europe.

In addition, resorts such as those in the Sierra Nevada have a unique selling point which other popular skiing destinations such as France and Switzerland cannot compete with - their proximity to the Costa del Sol means that holidaymakers can take to the slopes and then sunbathe on the beach a couple of hours later.

The website stated: “If you are thinking of investing in a Spanish property, perhaps its time to consider the slopes as well as the costas.”

Property owners may not have to make this choice, however, as the relatively short distance from the Sierra Nevada National Park to Costa del Sol locations such as Malaga and Velez-Malaga allows people to enjoy the best of both worlds - winter snow and summer sun.

Foreign buyers now account for one in seven properties sold in Malaga province, according to figures recently reported by southern Spanish newspaper Sur.

A growing number of British companies are recruiting expatriates living in southern Spain, it has emerged.

Due to a shortage of candidates in the domestic market, many firms are looking further afield to fill their vacancies, with technological advances meaning that workers do not need to be based in the same country as their employer to do their job.

PersonnelToday.com reports that telemarketing company Sense On Hold recently added ten British people living in Spain to its workforce. The new employees will not even have to travel back to the UK for initial training, as all elements of the job can be conducted online.

Recruitment expert Steve Mosser told the website: “The idea behind recruiting expats is that it doesn’t matter where you are to do this job, as long as you fill certain criteria.”

This arrangement means that British property owners on the Costa del Sol and Costa Blanca could enjoy all the benefits of living in Spain while working for a company based in their home country.

Property website BuyAssociation recently stated that many of the UK’s first-time homebuyers are looking to get on the property ladder in Spain because of the country’s more relaxed buying process.