The financial crisis sweeping the globe is also starting to affect the luxury real estate market in Spain. More and more seller of villas and luxury houses are beginning to understand that if they want to close a deal, they have to listen to the real estate agents and assume significant discounts on their selling price.
Idealista.com, one of Spain’s biggest spanish speaking property portal has elaborated a list of properties that have decreased their sales price by over 1 million euros in the last 12 months. The list shows 35 properties of which, 18 are in Madrid, 5 on the Balearic Islands and 4 in Barcelona.
The property portal even cites an example of a property which was on sale for 10,310,000 euros and now is being offered for 6,500,000 euros. A discount of nearly 4 million euros. It is evident that Spain’s big party (as referred to by The Economist earlier this year) has come to a grinding halt and the hangover is here to stay.