Spanish property prices cut by 50 per cent

Gazules del Sol Spain PRSpanish property is now selling with discounts of up to 50 per cent as sellers try to attract interest in a market where around one million homes are now thought to be for sale.

Agents said the current climate meant buyers were in their best position in the Spanish homes market in the last five years.

Experts also said a combination of a fall in mortgage approvals and bank pressure on developers with unsold new stock was leading to top bargains.

Brand new and off plan homes are available in abundance as projects which began when the market was still buoyant approach handover points.

Spanish property specialists GEM Estates pointed to recent cuts of 40 per cent and above on some high-end homes.

Managing director Andy Welland said: “As the brakes go on the property boom of the last few decades there are now around one million new unsold homes in Spain.

“Just as this stock needs shifting, the credit crunch has stifled mortgage applications thus reducing consumer demand – meanwhile the same credit crunch has forced banks to put pressure on developers to sell their unsold properties. All of this points to some incredible price reductions.”

The firm pointed to a luxury apartment in a development at the heart of Benahavís’ ‘golf valley’, Gazules del Sol, which is at 200,781 Euros ($272,029) down from 351,278 Euros ($475,930) – a 40 per cent cut.

Set in a gated community, the two-bed property includes access to four communal pools with decorative waterfalls and a spa, gym, sauna and jacuzzi.

Elsewhere a two-bed countryside property near Elviria, El Bosque de la Mairena, is at 173,000 Euros ($234,389) down from 275,967 ($374,057)./p>

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