Asking prices still 20pc too high say 84pc of house-hunters in Spain

Asking prices are still between 10% and 20% too high, reveals a new survey of house-hunters carried out in March by the Foundation of Savings Banks (FUNCAS).

84% of Spaniards think that vendors are still asking too much, and more than half think prices will fall around 10.5% this year.

Compared to the last time this survey was carried out, however, the general perception of value for money has improved. In 2005, 95% of Spanish house-hunters thought property prices were over-valued by between 30% and 50%.

“There is still a perception that prices are over-valued, although less so, probably as a result of official prices falling for 2 years,” explains real estate expert Prof. José García Montalvo in the report from FUNCAS.

Is now a good time to buy property in Spain?

Is now a good time to buy? Spanish house-hunters are divided. 55.5% say yes “fundamentally because of low interest rates,” whilst 44.5% say no. So the current and former Ministers for Housing are not the only ones who can’t agree if now is a good time to buy property in Spain.

The survey by FUNCAS also reveals that most house-hunters think it will take the market 7&1/2 years to recover fully, though a significant minority are optimistic a recovery will happen much sooner.

* This article has been written by a third party not owned or controlled by Spanish Property Insight (SPI).
SPI disclaims any responsibility or liability related to your access to or use of any third party content.

About Ábaco Advisers

Ábaco Advisers is a well-respected and independent firm of conveyancing, tax and legal advisors based in Torrevieja and Alicante on the Costa Blanca. Since 1999 Ábaco has provided inheritance, tax and conveyancing services to both resident and non-resident owners of property in Spain. Amongst its team of dedicated and professional staff there are native speakers of Spanish, English, Swedish, Norwegian, Finnish, German, Dutch, French and Russian. The customer care department is there to ensure that a personal service is delivered to each client and that communication is maintained throughout.

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