The average time it takes to sell a flat in Spain has fallen to 3 months, compared to 10 months a year ago, claims Don Piso, a franchise chain of estate agencies.
In other words, the average time on market for a flat listed by Don Piso is now 3 months, less than a third of the time it took to find a buyer last year.
Don Piso also reveal that their average clients looks at 12 homes before settling on one to buy, suggesting that although properties are selling faster than a year ago, clients are not rushing into a purchase.
“Buyers today can purchase a flat that they are trully interested in, unlike the days before the crisis, when it seemed that if one didn’t buy immediately the price would go up or you would miss it,” says Luis Perez, MD of Don Piso, in comments to the Spanish press. “That pressure not longer exists. These days buyers have all the time they need. This is important because it is often the most important decesion of our lives.”
Don Piso is one of the largest chains of estate agencies in Spain, and though it has offices in coastal areas popular with foreign buyers, I think the bulk of its business is done with local buyers in Spanish cities. Nevertheless it is good news if Don Piso are seing faster sales times as it is another sign of the property market coming back to life. That said, the public comments on the article in the Spanish press where I read this report were sceptical, suggesting that the Don Piso figures might be biased in some way.
As far as the coastal market goes, there is also evidence that sales velocities are increasing in the best areas. A recent study by the real estate consultancy Aguirre Newman found that the sales time of new developments on the Costa del Sol has fallen by 50%.