Property price negotiation in Valencia is proving to be a complicated issue, and our city is now one of the most difficult in all of Spain.
Euroval, a property evaluation firm, has published an intriguing and long-overdue research on property price bargaining in the Spanish market. According to a research conducted in 23 towns across Spain, property price negotiation in Valencia is not something you should seriously consider when purchasing real estate in the city.
According to a survey of 23 significant cities in Spain by the appraiser Euroval, purchasers are currently receiving an average decrease of 9% on the selling price during the property price negotiation process.
Buyers have a fair opportunity of negotiating a lower price in Vitoria-Gasteiz (-23 percent), Granada (-21 percent), or Malaga (-20 percent), although along the Costa Del Sol and in Valencia, the asking and selling costs are nearly the same. The two largest markets, Barcelona (-10%) and Madrid (-8%), are close to the average.
When it comes to selling their properties, Spaniards generally overestimate their value. This is the major conclusion of a research conducted by the appraiser Euroval in 23 significant residential markets, using data from the previous nine months and more than 72,000 transactions. The company added, “The data leaves little question that the property is mostly overpriced.”
According to the report, purchasers were able to negotiate an average of 9 percent price reduction during the property price negotiation. The widest gap in asking and selling prices is recorded in Vitoria (-23 percent), where the asking price dropped from 2,375 euros/m2 to 1,822 euros/m2 at the transaction’s close. They are followed by Granada (-21%) and Málaga (-20%), both of which provide large savings on the initial price.
In Seville, you may haggle the owners 18% off the asking price, in Gijón (16%), Marbella (-14%), Murcia (-12%), Elche (-11%), and in Barcelona and Las Palmas de Gran Canaria (-11%). (-10 percent ).
On the other side, there are cities like Zaragoza, where the price difference is only 4%, and Valencia, where you can expect a 5% reduction on average.
There are even some places where at this moment it is impossible to negotiate. Sellers in certain areas of the Spanish coast, such as Mijas in Malaga, will not lower their asking price by more than 2%.
Published data indicates a variety of reasons for this result, ranging from overpriced property in certain areas to a lack of available properties in others.
In Valencia, these numbers suggest that there is still far more demand for houses than there is supply, and property price negotiation in Valencia is not something potential buyers should count on seriously when making bids.
This information is only relevant for purchases made in Valencia City and does not apply to other areas of the Valencia Province. Furthermore, depending on the condition of the property and the length of time it has been on the market, this estimate may be incorrect.
However, when compared to other provincial capitals and cities in Spain, it is clear that the property price negotiation in Valencia is becoming increasingly complicated.