Could 2010 to the right time to buy Costa del Sol holiday home?

A recent report by Madrid based real estate analyst R. R. de Acuña & Asociados revealed that there are in excess of 3 million unsold homes across Spain. However the staggering figure could be seen as a positive for investors looking to purchase holiday homes within the region, possibly with a view to offering them to holiday makers as rental properties.

With a market where supply is so clearly ahead of demand discounts are in abundance allowing potential buyers with funds available a real possibility to snap up a luxury holiday villa in popular holiday regions such as the Costa del Sol for a fraction of the cost.

The figure of 3 million is made up of 1.67 million apartments, houses and villas that are already on the market, 330,000 properties that are in the process of being built and a further 1 million for which planning permission has been granted and developers are expected to complete within the next 2 years.

The demand from foreign buyers in costal regions such as the Costa del Sol, Costa Blanca and the Costa Brava is expected to have reduced when figures are reviewed at the end of the year, with 21,000 buying in 2008 and 20,000 in 2009. However with so many good properties available at competitive prices, could 2010 be the year to buy in Spain?