According to him, if realtors do not sell their properties now with 25% or 30% discounts, in two or three years these properties will become outdated and illiquid. Due to various expenses, they will become 17% more expensive relative to today, so they will have to be sold at 42% or 47% cheaper in real terms, the expert says.
As Prian.ru notes, over the past 10 years, real estate prices in Spain have tripled thanks to low mortgage interest rates and increased demand caused by improved living conditions in the country and an influx of immigrants. However, due to an oversupply of built properties and the global financial crisis, sales volumes and mortgage lending in the country have sharply declined.