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Vendors reduce asking prices in close to record numbers

The number of vendors reducing their asking prices at the property portal idealista almost doubled in July compared to last year.

33,153 private vendors trying to sell their homes through the Spanish property portal Idealista.com dropped their asking prices in July, as vendor price expectations are driven down mercilessly by a combination of factors such as another recession and the on-going credit crunch.

Compared to July last year, 47pc more vendors in the Idealista database dropped their asking prices, making it clear that vendors at still struggling to find buyers at current asking prices.

The average price reduction in July was 10.8pc, or 26,946 Euros.

Prices were reduced on 5.8pc of all the properties in the Idealista database.

7 billion Euros have been wiped off the value of asking prices in the Idealista database in the first 7 months of the year.

SPI Member Comments

Thoughts on “Vendors reduce asking prices in close to record numbers

  • good owners should be more transparent and list their properties not only thru agents but also them selfs. negotiate the commission if they really want to sell, a good agent accepts 3% also we should ask buyers and possible tenants for a % as finders. Not all the commission should be on the shoulders of a owner who is selling or renting.

  • Whatever this website states , or any leading financial economist may say its a plain fact that Vendors and Especially Agents are still being crazy and asking crazy prices !
    We gave up 2 years ago after looking for 5 years, 2 aborted purchases, due to illegal paperwork and wasted time and money, crazy but true those same properties are still for sale and , unbelievably , at the same prices of 5 years ago !
    No sympathy for Agents. Or Vendors, all mainly Brits needless to say ! Still bent, still greedy and still utterly stupid ! Must be the accumulation of of too much sun over the years living in Spain.
    Worst places for rip offs are in and around Pego, Tormos and Orba , all serviced by ‘Brit’ Agents , funny that eh?

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