The extent of Spain’s property downturn has been greatly exaggerated, Spanish portal Kyero.com has stated.

Speaking to Homes Worldwide, spokesman for the firm Martin Dell remarked that the property market had slowed but has not died out, with many continuing to buy and sell properties.

He added: "There are still many people interested in buying Spanish property, it is just now they are better informed and more discerning," noting that it is in particular areas, such as those with a lot of off-plan development, that the market has seen the main slump.

Mr Dell also noted that despite adverse publicity, in Spain property transactions are mostly carried out with no problems.

Such comments are backed up by recent figures from Knight Frank, whose worldwide survey of property prices showed that at the time of the second quarter of 2008 the annual house price inflation figure in Spain was still a positive one at 2.4 per cent.

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