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Spanish homebuyers still offering less than 80% of the asking price

During the month of July, home buyers in Spain continued to make offers on homes at well below the asking prices set by the owners. Last month the average reduction requested was 20.9%, according to data from a study by property portal, idealista.com, which analysed over 2.1m offers presented by potential home buyers to sellers via their portal since January of 2010. This figure is only slightly lower than that recorded in July of last year, when the average discount requested was 21.6%, according to Spanish Property Insight.

Looking at each of Spain’s regions, the greatest gap registered between buyers and sellers was in La Rioja, where buyers demanded, on average, a discount of 23.6% off the selling price, followed by Cantabria (-23.5%), Murcia (-22.7%), and Valencia (-22.6%). In contrast, Madrid is the region where both parties were closest, with the difference between the amount offered and the purchase price reaching just 16.5%, followed by Navarra and the Basque Country, both requesting discounts of around 19.7%.

Madrid is also the region where the discounts demanded off the asking price of homes reduced most, falling from 19.3% in August 2015 to the present 16.5%, followed by Andalucía (down from 21.7% to 19.9%) and Castilla-La Mancha (from 21.8% to 20.6%).

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