David Stubbs, RICS senior economist said: "The growing troubles of the Spanish housing market provide a timely reminder that investments in foreign property carry significant risk. Just because house prices seem low in relation to the UK does not necessarily mean that they represent a good investment. Indeed, markets which have been fuelled by significant foreign demand, and have encouraged housebuilding levels that threaten to generate a glut of homes for sale on the market, should be of particular concern to Brits considering their investment options."

Stick to non-Spanish developers!