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Spanish Property News

Excellent Time to Buy Property in Spain - Posted: 31/05/2006

There has never been a better time to buy property in Spain. The price rush has slowed down and in some areas prices have fallen slightly giving buyers a perfect opportunity to find a real bargain.

According to a report by Spanish real estate agent, Tecnocasa, resale property (as opposed to brand new) now takes an average of 83 days to sell, which is 15 days longer than a year ago. Owners are competitively pricing their properties to ensure faster sales.

Another finding of the report is that property sellers this year are more likely to be prepared to negotiate the price than they were last year, and that on average buyers are able to secure a 5 percent reduction in the original asking price. During the presentation of the report yesterday, executives of Tecnocasa said that this should not be interpreted as an indication that the price of housing in Spain was at last starting to come down, but that sellers have become far more open to competitiveness.

However, house prices in general accross Spain continue to rise slightly.

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Mark Haybittle