Spanish vendors 'need to be realistic about prices'

Many vendors in the Spanish real estate sector are asking too much for their properties, one expert has claimed.

Spanish Property Insight reported that Jose Luis Jimeno, the managing director of the real estate and executive education portal Noteges, told the country's press that people need to significantly reduce the value they attach to their homes if they want to find a buyer.

He stated that vendors should cut their asking prices by as much as 40 or 50 per cent below the competition in the local area.

Mr Jimeno commented that private sellers are still hoping to receive "boom prices" for their properties, adding: "It is not a good time to sell, but if you have no alternative then make the sale now, because with every passing day your home will be worth less."

Data published earlier this month by the National Statistics Institute revealed that the number of property sales in Spain in May declined by 18.3 per cent year-on-year.
 

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