It takes an average of 10.6 months to sell a property in Spain, according to research by Tinsa, an appraisal company, but the time varies significantly by region.
At the other end of the scale, vendors need to have the greatest patience in the Northern Spanish regions of Cantabria, Alava, and Segovia, where homes take on average between 18 and 24 months to find a buyer.
Looking at provincial capitals, Madrid has the shortest times on market, with 6.4 months, followed by Barcelona (6.6 months), Zaragoza (6.9 months), Seville (10 months), and Valencia (15.1 months).
Tinsa estimated the average time it takes to sell a property using the stock of homes for sale and the sales rythm of each province. The time it takes to sell a property in Spain has been getting longer with every passing year of the crisis.
Longer ownership periods are the flip side of the coin. The longer it takes to sell a home, the longer someone owns it. In 2007 the average ownership period was 7 years and 4 months, rising to 11 years and 107 days in 2014.
ANALYSIS BY MARK STÜCKLIN
The time a property spends on the market is a function of supply, demand, and price. In Spain supply has been going up, demand going down, and prices not falling fast enough, which explains why ownership periods have been getting longer.
Part of the blame lies with the mentality of vendors in Spain (not just the Spanish), who hold on to unrealistic price expectations far longer than they should, and often end up poorer for it.
But in some regions price is not a particularly relevant factor. The supply is so large, and the demand so small, that property might have no price in those segments. That is not the case, however,in popular coastal areas where foreigners tend to buy second homes in Spain.