The real estate adjustment affects more property on the coast

The sale season does not begin in Spain until 1 July, but the real estate portal pisos.com has decided to go ahead and start detecting properties that have implemented the largest discounts to their output prices over the past six months, these are properties on the coast.

The houses in the coastal municipalities are those that have more actively adjust their property prices, according to a study by real estate portal. Between mid December 2011 and mid June 2012 the property that has been lowered the most is located in the city of Valencia, which has accumulated a fall of 38.71%.

Valencia is a region that has had the greatest price reductions, but other regions by the sea like Galicia, Andalusia and Catalonia also show significant price reductions. "The model of 'sun and beach' ended causing an oversupply difficult to manage with the arrival of the crisis", says Miguel Angel Alemany, CEO of pisos.com.

For this, says the director of the real estate portal, to purchase a first or second home with an attractive discount can be a success: "If there is a real estate opportunity that meets the criteria regarding location and quality requirements, it would just be a matter of analysing our economic capacity and make numbers."

According Alemany, vendors are making huge efforts to close deals. "From the first visit to the negotiation, owners show interest in dialogue because the interest in signing a deal is urgent," says real estate expert.

Property prices are falling:  

According to the latest study of property prices of pisos.com, housing in Spain in May 2012 recorded an average price of 2,024 euros per square meter. This figure marks a decrease of -1.26% compared to April, while compared to May last year, the drop rate is -8.41%. The general trend of property prices shows that there is still an adjustment to be made in certain coastal areas.

Source: ABC.es

• By Surestates
• Marbella and Costa del Sol Property News.
• 30 Nov -0001