Home sellers slash prices in Madrid

The average price of real estate listings declined slightly in August in Spain and especially in the Madrid community, according to the market’s leading source of classified ads, Idealista. The fall was 0.4%.

According to the largest national real estate portal, August marked the first monthly decline in real estate prices in Madrid in 2021.

Within three months of tight restrictions last year, house prices for sale fell an average of 6% nationwide.

Sources close to one of the three largest Spanish valuation companies note that the current “volatility” makes it difficult to predict the future.

CBRE, one of the largest providers of house appraisal services in Spain, was the last to forecast for the coming months. According to CBRE estimates, house sales in Spain will continue to rise in the coming months, but prices will decline. It is this phenomenon that all market players are now beginning to observe.

According to this evaluator, prices will also fall by 2% by the end of 2021, even though transactions will increase by 5%.