Spanish property sellers are more willing to make discounts

22.06.2011 from www.top-casa.com

According to Spanish property portal idealista.com about 134,100 owners of Spanish property have reduced the prices on their property since 2011. Monthly there are more sellers willing to lower the price of property, in May their number was 30.6 million or 7% of the total number of sellers. On average, in May each seller decreased the value of object for 8.2%.
 
idealista.com reports that the monthly cost of all objects on the market in Spain falls to 700 million euro. Over the last year the value of all properties for sale in Spain fell by € 6,4 billion.
 
The greatest decline in property prices is seen in the segment of elite real estate where sellers cut prices an average of 9.3% of the initial value of the objects. Approximately 6.5% of sales of real estate are ready for discount in the sale. Sellers of real estate of the middle class are less compliant, they reduce the price 8.6%, approximately 8.3% of all sales are ready to make this step.
 
idealista.com reports that real estate prices are decreased by sellers mostly in Madrid (10.2% of sellers), Zaragoza (9.7%) and Barcelona (8.8%). The biggest discounts on real estate were made in Almeria (-12.9%), Tarragona (-11%), Avila (-10.2%) and La Rioja (10%). It is reported that price reduction is not of a mass character and should not significantly affect the real estate market as a whole. Because of the large real estate supply, property owners try to sell property as quickly as possible, and make more serious discounts than usual.