Real estate developers were paying too high a price for the purchase of land on which erected its facilities and now have to pay for this mistake, the report said appraisal company Sociedad de Tasaci? N (ST).
According to specialists, in 2011, developers have cut prices and sell their items at a loss if they want to eliminate the excess supply and return in the construction business.
During the housing boom in Spain's share of the value of land accounted for 50% of the total price of the completed project, compared to 30% in the pre-crisis years, according to Spanish Property Insight.
As noted by one of the leading portals Spain Idealista.com, almost 80% of owners (about 26 thousand people) reduced the cost of housing offered for sale. Despite this, the Spanish property is still difficult to implement. Only in Palma de Mallorca empty 15 thousand new homes in the Balearic Islands - 45 th
Experts believe that falling prices for Spanish property will continue for the next two years.