Average asking prices for resale properties in Spain’s biggest cities fell by between 2% and 4% in the second quarter of the year, according to figures just released by the Spanish property portal Idealista.com.
By city, asking prices fell the most in Murcia (-3.6%), followed by Malaga (-3.5%), Zaragoza, Bilbao & Madrid (-2%), Barcelona (-1.8%), Las Palmas (-1.4%), and Sevilla (-1.1%).
On the other hand, asking prices continued to rise in some cities in the North of Spain. Asking prices rose in Oviedo (+2.5%), Santander (+1.2%), and Navarra (+1.1%).
Asking prices fell in all districts of Madrid and Barcelona – Spain’s key property markets. The price fall in Madrid was the biggest quarterly fall since Idealista started publishing its figures in 2000.
Idealist points out that sales prices are likely to have fallen even more than the asking prices, as vendors are having to accept offers to make sales.
Idealista also reveals that the number of people using its website for property searches hit record highs last quarter, but that searches focused on the most competitively priced properties. Fernando Encinar, head of research at Idealista, suggest that vendors should “adjust to the change in the cycle and accept offers” to increase their chances of selling.