I am an estate agent in the area north of Valencia city and can confirm that market has stalled over the past four months – more so for British buyers than Spanish buyers. Our volume of sales has dropped from the same period last year and we have more instructions awaiting sale than ever before. Nevertheless, we – and our competitors – continue to sell properties and I have not yet seen any evidence of prices being significantly reduced.
Evidence that the market has generally slowed is provided by the banks. Hardly a week passes when one or more of the high street banks does not phone and invite us over for a presentation on various new mortgage products. Six months ago they didn’t have to phone around in an attempt to generate business.