Those buying Spanish property in 2009 may find that prices start to go up again from 2011, on the basis of a new study.

Spain’s Institute of Construction Technology (ICT) has said that new-builds will tend to be unsold in the short term because of the high supply of property on the market due to lower sales numbers, Property Wire states.

ICT spokesman Josep Fontana explained that because of pre-signed contracts there has still been a high level of construction in 2008, commenting: "In 2008 there has been a lot of work, almost as much as in the best years of the property boom."

Such a situation could help drive prices lower in the short term, enabling Spanish property hunters to pick up bargains, before the value of such dwellings starts to rise again in 2011.

Spanish bank BBVA has predicted a five per cent fall in house prices in Spain in 2009, Kyero.com reports.

Visit Rightmove Overseas for the best selection of Spanish property. Stop dreaming, start searching!