Investors looking to Spain for a property abroad could be advised to move quickly if they want to gain on their outlay, with a new study finding that prices are rising fastest in Valencia.

The increases that are being seen in this area of Spanish property are exceeding the upward price movement that is taking place in the country's other major cities of Barcelona and Madrid.

Individuals who have opted for Valencia as their choice for overseas property investment will have benefited over the last three months, with the price of second-hand homes increasing by 6.1 per cent, compared to 3.7 per cent in the first quarter of 2006.

Average prices of property in this area are currently €2,761 (£1,888) per square metre.

Houses in this area are still, however, cheaper than those in Barcelona and Madrid, offering an extra incentive for investors considering property abroad.

Prices in the Spanish capital are currently around €4,221 (£2,887) per square metre, while in the Catalonian city this rises to around €4,791 (£3,278).

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    Carol McDonald