Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › House prices in Spain down 30 percent in some areas › Reply To: House prices in Spain down 30 percent in some areas
I personally will not enter the market until I see evidence of realistic prices corrections. It is not enough just to say ‘make an offer’ buyers need some guide lines.
A large dose of realism is urgently required before the coming economic and property collapse becomes a disaster. Agents and sellers are fooling no one. It’s as if their heads are buried in the sand and hoping the reality will go away.
In the meantime I will sit on my hands.
Pretty much my experience too. here (Gran Alacant, near Alicante) houses of the same type range from 169K to 237K (asking price) in the same location. Agents tell me that these houses may sell for 160K or less. But other agents are in complete denial.
This situation gives some sellers false hope, and just keeps the market a confusing mess for all.
I have also been to new developments and these too are massively overpriced. For example, 280K for a place that really is worth circa 150K
I am also seeing distressed sales & repossessions on the web, and the asking price is higher than these houses were selling for 18 months ago!
Property needs to be realistically priced to help stimulate the market. There are buyers out there, but they need to see something approaching realistic pricing.