Spanish property prices slashed

A surge of properties hitting the housing market in Spain has led to a growing number of sellers cutting their asking prices, according to research by Idealista.com.

Since the beginning of 2010, average property prices in Spain have dropped every month as more homes have appeared on the market, reports A Place in the Sun website.

The cities of Madrid and Barcelona have seen the greatest number of asking prices slashed. Prices are down 9.3 per cent in the capital and 7.4 per cent in Barcelona.

With sellers desperate to attract more buyers to the housing market, property prices across Spain have fallen by around eight per cent since the start of 2009, cutting £21,536 off initial figures.

The news comes as British homeowners with rental property in Spain reach the final days to submit capital gains tax (CGT) refunds after the Spanish government illegally charged non-native proprietors high CGT rates than Spaniards. The legal process takes three months and all claims must be settled by the end of October.

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