Tenerife Property Prices.
“Sellers pricing properties far too high, could cause a slowdown in Tenerife property sales in 2018”
In the last 6 months we have seen a trend, by owners to value their own properties with over ambitious and greedy figures. Then some Estate Agents who are eager willing and ready to flatter the Vendors so as to secure a listing on their books. Often ask for exclusive rights to sell the property, in effect restricting a sale at a reasonable price. This can only have one outcome. A market which will slow down and could grind to a halt. In our office we are keen to give vendors accurate and positive valuations but also realistic ones where the property could be sold in a reasonable time frame. Our office in Compostella beach in Playa de Las Americas has attracted sellers with properties in the area who have self valued their properties and are miles away from the true marketable selling price. One owner thought that his end terrace house with partial sea views in the area was a Villa and could reach the magical €1 Million figure. The true figure for this property would be at best €850,000 to be kind and more realistically should be put on the market at a figure of €800,000.
Just before the credit crunch crash in 2008 we saw the same thing happen with prices. This has taken a hell of a long time to recover and prices to climb again. We have seen the market recover and be buoyant again over the last few years. The last thing we need now is a greed filled overzealous gamble by Estate Agents and Vendors to burst the bubble again and see prices plummet.