The answer is that no one is looking for a bargain. According to my “contacts” in the real estate offices their phones stopped ringing for the last time in May and that there is no one looking to buy – bargain or not. There was a flurry of big purchases (twelve, each over €5m by Russians, East Europeans etc) but that has dried up now. There are many local investors with big cash hordes but they are not tempted to buy real estate here or anywhere at the moment.
My guess is that if you are a bonafide buyer you could negotiate big price cuts in even the best areas now. The thing is no one knows because no one is bidding!!…………
I disagree. Now in case anyone does not know, i do work for an estate agency, so you can either believe what i am going to say, based on my previous post or treat it as “estate agency talking up market, etc..”
Although it has been a good summer with several deals being done. 1 property at 170.000€, the other at 270.000€, the third at 330.000€. the first & third went to compeltion in under 6 weeks. The 2nd one, owner has run into some difficulties as a large part of his funds were tied up in shares in british banks.
In the last 2 weeks, we had an irish buyer who we had been in contact with. Placed a deposit on a property within 48hrs.
Have another buyer interested in a villa of over 650.000€. All monies in place, just waiting on certain paperwork from the vendor.
Another buyer (british) viewed several properties and make offers on 3. Whoever accepted first, he would buy. In this case as he thought to make LOW offers. The properties were already (in our opinion) competitively prices and all 3 turned down the offer.
Oh nearly and took another deposit on a property 3 weeks ago (more or less) on a property at 350.000€, accepted offer 300.00€. Private contract signing tomorrow.
Please note i’m not trying to promote a specific area, or anything like that. All buyers are cash buyers or require small mortgages only. 50% or less.