As any homeowner who has sold a home will know, the waiting is the hardest part, especially when the seller has unrealistic expectations of how quickly their property will go from for sale to sold.
Post Office Money and the Centre for Economic and Business Research carried out research looking into the average time it takes to sell a home in 22 of the major cities throughout the UK. On average, it was found that it takes 82 days to sell a property. However, if you think these numbers cross over to Spain, you would be wrong.
According to data collected by TINSA, on average a property in Spain spends 10 months on the property market before it is purchased.
Whilst this may seem like a long time, the average has come down a great deal when compared to six months ago when the average was 10.6 months, or the figures in 2014 (11.5 months) and 2013 (13.2 months).
Property spends the shortest time on the market in the regions of Murcia, Madrid, Barcelona and Malaga, where a property spends an average of 6-12 months on the market.
The good news is buyers (both Spanish and foreign) are becoming increasingly confident in Spanish property, which is bringing the times down. It also means that property prices remain at a fair level, both for the buyer and seller.
It’s also worth bearing in mind that in Northern areas of Spain, a property can spend up to two years on the property market, so it’s worth doing some research and ensuring you buy your holiday home in an area with a healthy property market.
