A property is still only worth what someone else is prepared to pay for it. Period.
I had this discussion, heated, last night with dinner partners. They were mentioing the market has dropped 30% I wanted to know from what benchmark??? Asking price, bank valuation, sales price or declared price?
This has been my argument for over 5 years now.
Certain owner will have to sell for what they can get, others can hang on. This is a very mixed market of owners, some dont have to sell, some do.
There are some very well located proeprties out there with good views etc etc etc, you have to shift through the crap
However, the Spanish WILL and DO buy the north facing, the east facing and the so called undesireable at a price- They havent yet cottoned on to the english mentality and thank goodness for that as its keeping the food on my table!