"greedy" sellers see spanish property sales fall through

Sunset in Marbella Photo: HernanPC

"Greedy" sellers are causing Spanish property sales to fall through, according to one property company.

Genius Properties highlights the number of deals that are now failing to complete because vendors are becoming too greedy about the amount of money they want from their home. The company, based in Estepona, says that sellers are hiking up their sales price just as an offer is received, with some even taking their homes off the market altogether.

"After many years of falling prices it seems many vendors have taken as much as they can handle," comments Neil Parsons, Managing Director of the site. "Now the market is clearly turning some are becoming greedy at the last minute or having second thoughts after receiving and agreeing to an offer or even the asking price."

Parsons quotes one vendor as an example of the typical mindset: "I have held on this long, I can hold on another couple of years at least and get a far better price for my property."

If this continues, though, he warns, it could jeopardise the momentum built up in the past year, as sales begin to rebound following the recession - thanks, in part, to low prices and sellers willing to negotiate, in addition to the favourable exchange rate between the pound and the dollar and the weak euro.

Official figures show that €24 billion was spent on Spanish residential real estate in the first half of 2015, a rise of 8 per cent compared to the same period in 2014.

"It is understandable vendors want to obtain a better price for their property, but it should be handled in an ethical and professional way," he adds.whole.”