Flats and Houses take 10 times longer to sell today than in 2004
A report on the sale of second homes in Spain by Grupo I has found that while in 2004 a promotion of apartments or terraced houses on the Spanish coast took between 2 and 3 months to sell, today similar properties can take as long as up to 2 years to sell.
According to the study the slow down in the housing market is most evident in the second homes sector. The rise in prices together with the rise in interest rates are partly responsible for this slow down. However, Raúl García, author of the study and director of Grupo I, also highlighted the negative image that building projects on the coast now have.
This year 140,000 new properties in this sector will be on sale out if which 90,000 are expected to be sold leaving a surplus of 50,000.
In the first quarter of this year prices for residential properties have risen 7.5%.
Houses for sale in Spain