Property sales in Spain from Graham Hunt

If you have been keeping up with the news from Spain in the media over the last few weeks and months then you will know that 2012 was a disaster in terms of Spanish Property sales. Prices dropped on average by 15% and there is no sign of the price drops ending… for some.

Guess what, I am going to tell you that this affirmation is a crock of something that you may step on in the street to tell the truth.

The problem is the definition of the term average. The average was brought down, and crashing down in some cases by the rubbish, mediocre and frankly downright unsellable at any price. And again as usual I am going to tell you that prices didn’t fall by anything near that percentage for the usual suspects, location times three and quality.

Funnily enough the last four sales we have done have been made at asking price for the property. Yes you heard that right, no discount and no negotiation. The buyers saw that the property was priced so well that it would actually be a bit of an insult to offer less than what was being asked and that they would lose the property if they didn’t pay the full amount because there were other interested parties, investors mostly, buzzing about the property.

Now I am not saying that suddenly it is a sellers’ market, that prices are going to rise substantially or that the whole of the Spanish Property Market is suddenly going to rise like a Phoenix from the flames of the absurd overvaluations and rampant speculation that marked the whole decade of the noughties, that would be just stupid. However I am going to suggest that it is now the time to buy if you are careful about what you are purchasing.