Posted by Caroline Ketley on September 01, 2016
Buyers offer less money for property

Despite the fact that the property market is in a much more positive state at the moment, and the number of sales are going up, as are property prices in many areas, the reality of it is that prospective buyers are still asking sellers for substantial discounts on the sale price of their homes.

In many cases, these discounts are as much as 20% or even more depending on the autonomous region that the property is situated.

Statistics have revealed that on average in the month of July, prospective buyers were offering approximately 20.9% off the purchase price fixed by the property owner.

This figure is slightly less than the average discount wanted last year, when buyers were offering 21.6% less.

Autonomous regions

The biggest difference between the amount of money offered for a property and the price being asked for by the seller is found in the region of La Rioja. Here, those wanting to purchase a home are offering around 23.6% less than the sale price of the property. La Rioja is followed by Cantabria (-23.5%), Murcia (-22.7%) and the Valencia Region (-22.6%).

Madrid, on the other hand, is the region in which the amount of money being offered and asked for is closest, with approximately 16.5% lower than the asking price being offered by purchasers. Madrid is followed by Navarra and the Basque Country, at 19.7%.

Madrid is also the region where buyers have most reduced the amount of discount asked for off the sale price. This could be an indication of the fact that property prices are rising and the offer of property available is reduced. This is followed by Andalucía and Castilla-La Mancha.

However, there are seven autonomous regions where prospective buyers are offering even less money (bigger discounts) than they were a year ago. The list is headed by Cantabria and followed by Asturias, Galicia, and the Balearic Islands.

Large cities

There is also a big difference in figures offered and asked for in Spain’s largest cities. In Cuenca, for example, buyers are only asking for a discount of 10.9%, while in the cases of Palma de Mallorca, Alicante and Jaén, the figure is more than 25%.

Source: www.expansion.com, www.idealista.com

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