A leading Spanish bank has just released the sale of 4,600 properties across Spain at price levels of 20 years ago, at an average price per square meter of just 636 Euros/m2, the same price as in 1992.
The properties consist of three bedrooms with a built size of 90 m2, have been reduced by up to 80% and are selling for an average of 57,000 Euros.
Experts at home and abroad, the Spanish government and estate agents across the country are all saying that prices have to come down and that vendors have to wake up and be realistic in their price demands. Another Spanish bank also recently put 500 properties for sale from one of their re-possessed developments and sold them all in just five months for prices ranging between 69,000 € and 97,000 €. More proof indeed that property is selling and will do so if the price is right.
The average price per square metre in the province of Málaga is around 2,000 Euros/m2, nearly three times that of the properties just released. With such a glut of properties available and buyers either holding back waiting for the average price to drop, or being unable to obtain realistic finance due to bank’s favouritsm towards their own stock, vendors have little choice if they really wish to sell their property.