Spain property owners are required to accept offers significantly below the asking price, despite major reductions in Spain property asking prices, due to a glut of homes across most parts of the country, particularly in popular tourist areas along the coast.
Reports suggest that there are over a million unsold properties in Spain at the moment, equating to around 20 per cent of Spain's housing stock, which is extremely high compared to other European countries.
Spain property prices have fallen by up to 50 per cent across much of the country since the market peak of early 2007. This has already prompted Beatriz Corredor, the Spanish housing minister, to issue a recent plea to Britons to start buying more homes in Spain, again – a move which appears to be working.
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