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.