To give an idea of what is really happening on the outskirts of Madrid, friends of mine have just had their flat valued at €120k. I think they paid around €220k for it back in the boom years. They made a poor choice in location because it’s in an area where they were building masses of new flats (currently empty) so the market has been flooded. Of course they can’t sell their flat for €120k because they are in negative equity, but they need to move, so they will just rent it out instead. I guess they might leave the advert on Idealista at a much higher asking price since it doesn’t cost them any money (which is what I suspect 99% of people are doing in Spain). However I was surprised to hear they got such a low/realistic valuation.