Spanish Property Sale Time Has multiplied by 33 but Does it Tell the True Story

30 Jun 2013

It was always said that properties were not sold during the property boom but rather flew out the door. That situation has now been reversed and selling a home in Spain requires an enormous effort and, more often than not, a long time. The average time spent by a property on the market has multiplied by 33 in the last decade, increasing from 14 days in 2003 to 465 days at the moment.

When looking at only the last five years of economic crisis, that time tripled from about 173 days in December 2007 to more than 556 days in February 2012. Since then, the figure has fallen slightly to 465 days at the end of last year. Various factors are affecting this reduction, such as the fact that banks have become the leading real estate agents and are taking less time than private individuals to sell a property; many owners have awakened to the current climate and made clear reductions in the price of their properties to facilitate a sale; and those currently putting their property up for sale are doing so at a price more suited to the market than those who tried a few years ago when vendors were still trying to advertise at a higher price just in case somebody "fell for it" - a strategy that has shown itself to be unsuccessful.

However there seem to be positive trends to show the market is recovering with the figure coming down from 556 days to 465 days in the last year alone. These figures obviously don’t take care of the individual location and desirability circumstances of places such as Marbella .

The Spanish property market continues to recover as buyers look to take advantage of the bargains currently being offered. For more information about how to take advantage of the market visit http://www.spanishhotproperties.co.uk/

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