A recent survey by the European Commission reveals that Spanish citizens are less likely to buy a new property or renovate an existing one during the next 12 months than citizens of any other European country.

This news comes despite reports that confidence in the Spanish property sector has been improving in recent months amongst foreign investors. With local demand still so depressed, the Spanish property market is a long way from returning to a boom, or even just to normality.

Following Spain in pessimism towards local property investment came Italy, Ireland, and Greece, all countries that have been hit hard by the financial crisis.

At the other end of the scale were Luxembourg, Lithuania and Poland, where citizens are the most optimistic and likely to buy or renovate a property in the next 12 months.