Spanish banks are actively getting rid of their property seized from mortgage defaulters. Buyers pay attention primarily at low housing prices offered by financial institutions, forcing the other players on the real estate market to revise the figures of their requests for selling their houses and apartments downwards.
The traditional annual analysis produced by consultancy RR de Acuña y Asociados, shows that of the total housing stock, which was sold in 2012 in Spain, 40% of the bank amounted to real estate.
Currently, according to the the same research, there are 360,000 banking property objects offered for sale at prices almost two times lower than for the same apartments, asked by property owners. Naturally, the buyers when comparing data more like those offered by financiers. By estimates of RR de Acuña y Asociados Spanish housing prices fall for the period from 2007 to 2013 has averaged at 30%. The agency predicts that by 2017 prices, due to the activity of banks will decrease by the same amount.