“British demand in Spain has slowed dramatically,” says Mark Stucklin, founder of spanishpropertyinsight.com, an independent online consul-tancy. “The latest nail in the coffin is the exchange rate, and prices have dropped 20% in some parts of the Costas since last summer.” Viva Estates is selling a two-bed flat in Elvira near Malaga for £240,000, although it is possible to pick one up elsewhere on the Costa del Sol for less than £200,000. In higher-end areas such as Mallorca, prices have stagnated, so vendors who need to sell are having to accept offers.
Strategy: If you’re an owner, hang on if you can. “Now is not a good time to sell,” says Stucklin. “There are just no buyers out there.” If you must sell, then be prepared to cut the price sharply. Those bringing the proceeds back to Britain can console themselves with the fact they are getting 10p more for each euro than at the beginning of the year. If you’re a buyer, you have a lot of choice, so shop around and haggle hard.
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