22 August 2011
Posted in Homes and Away

I thought that this week that I would update you on the current pricing of Golf del Sur property and Amarilla Golf property and how, by correct pricing of your property, it could give you an advantage in the future. In a new report of how the Tenerife property market has been affected by the recession it was stated that at least 2 in every 5 properties currently up for sale have had their asking prices cut at least once and in some cases two or three times as the new breed of home buyers play the waiting game.

What Price Reductions Mean for Property in Golf del Sur and Amarilla Golf

Golf del Sur property and Amarilla Golf property has been hit in exactly that way as we see buyers looking to take advantage of the continuing slump in property sales, in a bid to test the vendors resolve and they are seeing their strategy pay off with an average price reduction of 7.1% off the original asking price. Of the properties on our books the number vendors that have cut their prices is up from 32% a year ago to almost 38% as of this week. I must also stress that this is not just the bottom end of the market that this is happening to it also applies to the high end of Golf del Sur villas and Amarilla Golf villas.

The cuts come as many over optimistic vendors find that they must lower their expectations if they actually want to sell their property. However in the current slow economic growth, buyer confidence is still low and also many of the buyers who would benefit from the price reductions are finding it difficult to obtain mortgages. On a brighter note for the lucky purchasers who can get mortgage now is a good time to bag a Golf del Sur property bargain or an Amarilla Golf property bargain.

Golf del Sur Property Bargain

As we have been talking about the reduction in prices in our area why not take a look at this top floor one bed apartment in the Terrazas de la Paz complex, it is in excellent condition and close to all amenities. This property has been reduced by a over 31% and is now down to only 89,000 Euros.

For those who would like a chat or further information on this property or any of our other properties that we have for sale at Homes and Away please do not hesitate to drop into our office opposite Banca March in Centro Commercial San Blas, Golf del Sur. Or just give us a call on +34 922 73 70 44.