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.