Spain has been in some economic turmoil for the last decade, during this time property prices have dropped by almost 50 percent. Through a badly timed building boom and banks repossessing homes there is now an abundance of empty, price-slashed properties for sale.

Does that mean you should invest in one?

The short answer is yes, but with a side of caution.

There are indications that Spain, whose market has taken one of the biggest nosedives during the economic downturn, is bottoming out, meaning now is the cheapest opportunity you’ll find. Sales turnover in Barcelona is up 250 percent on a year ago, the government’s attracting overseas buyers with stylish apartments in the heart of old-town for much cheaper than one might expect.

All the major banks in Spain have opened real estate websites and translated them into English to attract buyers from overseas, specifically the British; promising discounts as much as 60 percent. The problem is that debt is very hard to attain and that it’s a risky market to invest in before there are signs of any growth. This is going on the assumption that you’ll be wanting to rent this property to others; if you have the money and are looking to buy a home for yourself, those risks are not of the same importance.

The real estate market in Spain has effectively been broken into two markets, the sub-prime property market and the prime property market; the sub prime consists of the badly located, unwanted apartments that have been dumped on the banks to be sold at heavily discounted rates; the prime property market consists of the most desirable apartments and villas that are being sold by banks to rebalance their depleted coffers. Unfortunately this means the good properties go rather quickly while the bad ones remain, people would prefer a home that’s of a high quality and largely discounted than a property that’s next to nothing cheap but that doesn’t have all the necessary paperwork and is of a low quality.

Of course, there are other reasons you might like a place in Spain, such as long white beaches, stunning architecture, culture, climate, food, parties and music; tantalizing I know, if you’re as keen on that idea as I am, then it’s time to get into gear.

Spain might have your dream home waiting there for you, but with the good houses going quickly leaving only the more risky opportunities, the time to act is very soon. If you find that perfect property and want to dive in, you might want to get your Spanish in order so that you can effectively communicate with the agents — if you need a little help in this regard, consider taking some Spanish classes, or inquire about anything you’re not sure of.