It could be the ideal time for individuals considering buying a property in Spain to make their move and look to complete the purchase in the coming weeks and months.
This is the view of Les Calvert, director at Property-Abroad.com, who stated those who have found the home they want to buy do not need to delay any longer.
"Our recommendation to our clients is that if you have found the property that you have always wanted or that is ideal for what you want and you are happy with the price, then whether the price continues to fall a further ten, 15 or 20 per cent, if you have found what you want and you are happy with the price, then buy it," he said.
Mr Calvert added those who have picked a property that is at the top end of their budget may be better to wait for a few months to see if the cost of the home drops to a figure that is more affordable for them rather than force through the purchase quickly.
He highlighted the fact that it is not a good time to be trying to sell a home in Spain, due to there being a large stock of houses on the market that are not finding buyers at the present time.
Therefore, those who are ready to make the purchase of a Spanish property are in a strong position, as there is not going to be a lot of competition in the market for them to deal with.
Mr Calvert noted it is an "excellent" time to be buying a property in Spain, especially for individuals who have all of the advantages to completing the purchase at the moment.
Paul Collins, editor at BuyAssociation, recently noted France and Spain remain popular locations for those using an online money transfer to fund the purchase of overseas property.