Vendors reduce asking prices in record numbers

Vendors are dropping their asking prices in record numbers, according to figures from Idealista.com, one of Spain’s leading property portals

A record 26,188 vendors advertising their homes for sale at Idealista.com reduced their asking prices in November, 15pc more than the previous month. Compared to November last year, a staggering 80pc more vendors reduced their prices.

Idealista say that vendors reduced their price expectations in record numbers to try and find a buyer before mortgage tax relief is eliminated at the start of next year.

The average asking price reduction was 24,099 Euros, meaning the collective asking price value of all homes for sale at Idealista fell by 631 million Euros in the month. Over the course of 2010 vendor the sum value of vendor expectations at Idealista fell by 4.7 billion Euros.

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One thought on “Vendors reduce asking prices in record numbers”

  1. adiep

    So the thinking is that they drop if to attract buyers before the tax increase? So, will we see an increase in prices in Feb? An dropping prices a month of so before the tax hikes? Isnt that leaving it a bit a late?

    The mystery that is the spanish property market continues to baffle and defy all logic.

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About Mark Stücklin

Mark Stücklin is a Barcelona-based property market analyst and consultant, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008). He can be reached by email on ms@spanishpropertyinsight.com.