The impression I got was that asking prices today are down 50pc on sales prices yesterday. So asking prices down even more than that.
No buyers means no buyers at those prices. We are talking about the well-to-do local market. There is demand, but people don’t have the money and banks aren’t lending on anything but their own properties.
The reality is that prices went crazy in the boom and we are still living through a period painful adjustment to the Spanish economy and house prices. It will take time but one day it will be over and the market will return to normal and house prices / income ratios will be back to normal too.
We are just not there yet.