Like a Phoenix rising from the ashes, homes in with asking prices of between 100,00 and 200,000 Euros are back in fashion now that Spain’s property boom has turned to bust.

According to data from idealista.com, one of Spain’s leading property portals, homes for sale in Madrid with asking prices between €100k and €200k went from over 40pc of listings in 2002 to under 10% in 2006, driven down by relentlessly-rising vendor expectations. Now they are back up to 30pc of listings, and are once again the most numerous group (red line in chart above).

It’s a similar story in Barcelona (red line, chart below), and is a clear sign that asking prices are adjusting to new realities.