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Spanish PropertyAccording to the Spanish property portal Idealista around 134,000 owners of Spanish land and property have slashed the price of their property since the start of 2011. Every month there are more sellers prepared to drop the price of their apartments and houses; in May 2011 their number was over 30.6 million which equates to 7% of the total number of property sellers. On average, in May each vendor lowered their price by 8.2%.

 

Idealista reports that the cost of all properties on the housing market in Spain fell to 700 million euro. Over the last year the value of all properties for sale in Spain fell by almost 6,5 billion euros.

 

The greatest fall in spanish property prices is seen in the elite real estate sector where vendors slashed prices by an average of 9.3% of the initial value of the properties. Approximately 6.5% of elite real estate sales are discounted. Sellers of middle class properties are less flexible, they reduce the price by around 8.6%, and about 8.3% of all sellers are prepared to take less money.

 

Idealista.com says that real estate prices are lowered by sellers mainly in Madrid (10.2%), Zaragoza (9.7%) and Barcelona (8.8%). The best discounts on properties were made in Almeria (-12.9%),  Avila (-10.2%), Tarragona (-11%) and La Rioja (10%). It is stated price reduction is not a major issue and should not significantly affect the Spanish real estate market as a whole. Due to the large real estate supply, spanish property owners who need to sell their assests quickly need to make discounts to be in with a chance of selling.
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