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Overseas property portal Property Abroad has revealed that only 12% of private sellers of property in Spain have gotten to the point where they accept the realisation that price-drops may be necessary if they want to sell in a reasonable time frame.

The figure suggests that the Spanish property market may have a long way to go before it recovers according to Les Calvert, director of the portal, he said:

"63% of all our FSBO properties are in Spain. So many people will likely be surprised that only 12% of our private sellers of property in Spain, have faced the fact that price drops are probably going to be necessary to get a sale. Surprising or not it is the reason why a recovery in the Spanish property market is a lot further off than the UK or any other location where sellers have faced up to the fact that it is a buyer's market".

"A recovery is dependent on the price that buyers are willing to pay, -- how cheaply they can get the property for -- and what sellers are willing to drop their price to, meeting in the middle. Thus price drops are necessary to restart the market in Spain, because sales will only pick up when the above gap is closed on a large scale."