Figures released by Spanish property portal Kyero.com, reveal that 45 per cent of potential buyers using the website to search for property in Spain have a budget of €50,000 to €150,000, well under the national average property price of €245,000.

Kyero.com analysed hundreds of thousands of enquiries about property in Spain received between 2004 and 2006, finding the majority of visitors were interested in properties in the provinces of Alicante, Granada and Malaga. The average property prices for these provinces are over budget at €233,400, €165,000 and €315,000 respectively but if buyers are willing to sacrifice space for location, Alicante and Granada offer one-bedroom apartments for an average price of €115,000 and €124,000 respectively.

However, the data reveals that space is often a priority for overseas property buyers with nearly 28 per cent specifically enquiring about properties with three bedrooms. The national average price for a three-bedroom property in Spain is €263,000, some 75 per cent over the maximum budget indicating that buyers will have to look towards undiscovered regions of Spain to find their ideal property. Provinces such as Asturias, Badajoz, Caceres, Ciudad Real, Cordoba, Cuenca, Jaen, Lleida, Sevilla and Teruel all offer three-bedroom properties under €150,000 with Cuenca coming in cheapest at €33,000. 
 
Martin Dell, managing director of Kyero.com, said: "Based on our enquiry data it is clear that buyers are looking to find their ideal home in Spain but at a bargain price. For those looking for a spacious property for a maximum of €150,000 I would suggest looking at inland provinces such as Cuenca or Jaen, those to the north such as Asturias and those experiencing tourist growth such as Cordoba or Teruel. It is also worth considering buying a property in need of renovation as you can increase the value of your property over time whilst making it your ideal home."

1casa is currently marketing properties within the budget of the average overseas property buyer in undiscovered areas of Spain. A two-storey, five-bedroom house (pictured) located in the centre of the village of Poleo in Cordoba is on the market from £123,964 / €182,300. The property has been modernised and has a large terrace to the front, comprises a lounge, dining area, fitted kitchen, five large bedrooms, two bathrooms and an older property to the rear which could be renovated for additional living space.

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Article published on 13 February 2007