Spanish home sellers slash prices by up to 40pc

Photo credit: Dale Musselman

The Spanish property portal reports that sellers using the site to advertise their homes reduced asking prices up to 40 per cent in the fourth quarter of 2013. Most sellers, though, chose to lower prices by 25 per cent to 35 per cent.

The low prices encouraged buyers to pounce with sales activity on the portal climbing, driven by cash buyers and investors. The biggest price cuts were found in areas of Andalusia, such as Roquetas de Mar and Puerto de Santa Maria.

Discounts of 30 per cent occurred in Torrevieja in the Costa Blanca, which the portal attributes to the higher volume of unsold real esate on the Coast.

"Although the average price reduction in 2013 was not above 10pc, a large glut of homes in some areas forced prices down to attract buyers,” Miguel Angel Alemany, head of Pisos.com, told Spanish Property Insight. “Anyone now looking for a second home near the beach will face some excellent opportunities.”