Spanish property market still ‘Ultra price sensitive’

Director Chris Mercer said: "We had a resale townhouse at La Noria, in the ancient Moorish town of Vejer de la Frontera, which was priced at 180,000 euros but after consulting with Mercers a motivated vendor reduced the property to 150,000 euros.

"Mercers conducted an open day on an October Saturday and, of the five Spanish couples who attended, one put down 1000 euros in cash and has since paid a full 3000 euro deposit. We could have sold this three bedroom property to three of the potential buyers, no question.

"This scenario prompted us into having a conversation with La Noria’s developer to see if we could negotiate price discounts on the remaining units of the final phase as clearly, although there are buyers out there, they’re ultra price sensitive.

"Although he couldn’t quite match 150,000 euros, mainly due to the fact that final phase homes are larger and have individual garaging, we’re now in a position to offer three bedroom townhouses with access to a communal swimming pool for 165,000 euros. This is incredible as their initial sales price in 2007 was 285,000 euros – a discount of 42%. With an e-campaign to our database and another open day we are confident we can sell plenty more."

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