When selling property in Spain, one of the biggest questions from expats concerns how long it takes to complete on a property in Spain. According to an idealista/data analysis for the third quarter of 2020, the time to sell a house in Spain has increased to an average of 6 months due to the coronavirus pandemic. While the time needed to sell varies significantly by region and province, as well as depending on the property for sale, let's find out how long it takes to sell a property in Spain in 2021.
In order to close a property sale and purchase transaction in Spain, a homeowner must know how long their home might remain on the market. According to calculations made by idealista market experts, the period of sale of a property on the market at the end of 2020 reached an average of 6 months. This average period has increased compared to the same analysis period in 2019, before the coronavirus health crisis that has shaken the entire national economy. Just a year ago, just over 5 months was the average time for a property to go on sale.
The provinces of Teruel, Palencia and Zamora exceeded 12 months when it came to how long it took to sell a property, while, on the other hand, Granada, Madrid, Barcelona and Zaragoza have lower values: here the time needed to sell property during the pandemic was less than 4 and a half months.
The most prominent provinces in the Spanish real estate market such as Madrid (3.8 months), Barcelona (4.5 months), Valencia (4.9 months), Malaga including the Costa del Sol (5 months), Seville (5.7 months) and Alicante (6.4 months) saw the time it took to sell property increase between 10 and 40 days in just one year.
This map shows how many months properties spent on the market in Spanish provinces in the 3rd quarter of 2020 according to idealista/data:
The average time to sell a house decreases in some Spanish cities
In terms of provincial capitals, Granada is the area where a property spends the least time on the market, with an average duration of 2.2 months. This is followed by Barcelona, at 2.7 months and Zaragoza, where properties tend to spend around 3 months on the market.
On the other hand, Lugo, Palencia and Zamora have a sales period of over 12 months. In the case of the two Castilian cities, the period needed to sell property has increased by more than 100 days. Other provincial capital cities such as Segovia, Cuenca and Badajoz also now take 3 months more to close a deal compared to 2019.
The properties for sale in up to 10 other cities, together with the aforementioned Zaragoza and Barcelona, have, however, reduced the time properties remain on the market. Of particular note are the changes in Jaén, Melilla and Tarragona, which remain at 8 and a half months, less than 6 and a half months, and just over 4 and a half months, respectively.
The Spanish city with the highest unit price for properties for sale, San Sebastian, manages to reduce the time properties are on the market to 4.6 months. Other major cities have seen their times increase, but are still below the national average, such as Valencia and Madrid (both 3.1 months), Las Palmas de Gran Canaria (4.2 months), and Seville and Malaga (with time on the market standing at 4.3 months in both cases).
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