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Home owners have dropped property prices by 21.6%

Property prices in Valencia are back to 2004 levels, which could be an excellent opportunity for home buyers who want to take advantage of the current market.

The property market crisis is forcing home owners to bring down the selling prices by 21.6%, according to the chairman of API Valencia (equivalent to Deanery of Real Estates Agents), the newspaper El Mundo published.

The chairman of API Valencia has also highlighted the unfair competitiveness from Banks, which tend to finance just their own deals, leaving aside Estate Agent deals. Such practice has left 81% of the property deals the Estate Agents brought to the table in 2010 without finance, according to API Valencia.

Valencia is a potential property hot spot. Valencia is the third largest city in Spain, with tourism, trade and excellent communications with Barcelona, Madrid and straight flights to the UK could become a hot spot for the property market in the coming years. Prices in the city centre are much lower than in Madrid or Barcelona, and also Valencia offers excellent tourist opportunities for holiday buyers.

The finance issue regarding bad practice from Banks, which the chairman highlighted, have been at stake in the last few months. Given the price ‘discounts’ that private owners are offering in order to sell their homes, bargains (price related to location) could be remarkable for cash buyers.

By Daniel Talavera of The Spanish Brick

Property in Spain 

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