Sellers reduce asking prices in Spain as the market become more realistic

06/10/2016 11:59

Sellers in Spain are becoming more realistic about prices and have reduced asking values which is seen by experts as a good move in terms of keep in the real estate recovery going.

Asking prices fell by 0.2% to €1,624 per meter in April, according to data from property portal Fotocasa, compared to a year ago.

Meanwhile the latest house price index from the Government shows that prices were up 2.4% in the first quarter of 2016 year on year and up 0.2% quarter on quarter.

The Fotocasa asking price index has been fairly stable for the last year, with prices never varying more than 1% either up or down. ‘House prices will continue to go in different directions during 2016,’ said Beatriz Toribio, head of research at Fotocasa.

‘Whilst in some areas of the country prices are stabilising or even rising, in others they continue to fall hard. This is a consequence of the crisis the sector has lived through, which has left a market of two or more speeds that is ever more obvious,’ Toribio added