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The time taken to sell a property usually serves as a good indication of a real estate market’s temperature. And according to a recent survey by Idealista, the mercury is riding high on the Costa del Sol, where 20% of properties are selling in less than a week. In fact, the market is so hot that over half of the total listings change hands in under three months.
Most Costa del Sol real estate sold in three months
The survey looked at listings on the online portal in Spain during February and ranked real estate provinces and capitals in terms of the time spent on the market. Properties on the Costa del Sol stood at the top of the listings and well above the national average.
Specifically, 19.7% of homes for sale on the Costa del Sol sold in less than a week, while 15.7% took up to one month to change hands. It took a slightly higher percentage (21.5%) up to three months before finding a buyer. As a result, 56.9% of the market sold in less than three months.
Just four other provinces had a faster market. Topping the table was the province of Cuenca, where nearly one-third of listings spent less than a week on the market. Madrid, Barcelona and Granada provinces were the next higher with 22%.
Did you know? 91 properties on the Costa del Sol sold every day in 2021.
Malaga city properties also selling fast
The capital of the Costa del Sol mirrors the provincial trend and in February, 19.9% of properties in Malaga changed hands in a week. However, almost 66% of listings are sold in the city when it comes to the three-month limit.
In national terms, the provincial capital of Cuenca took top place – 43% of homes sold in a week. Barcelona stood in second place with 29%, while Malaga was on a par with San Sebastian in the Basque Country and Salamanca.
Few properties take longer than a year
Just 15% of the property for sale on the Costa del Sol spends longer than a year on the market. The percentage drops to 9.6% in Malaga city.
As always, the key to speedy sales lies in the area and price of the property. Real estate in the best locations on the Costa del Sol has more market appeal, although it will only sell if the price is right. Much depends too on choosing the right real estate agency to market your home.
Spanish real estate market heating up
The survey found that the temperature of the national market is also high. 15% of properties on sale in Spain sold within seven days during February. 54% took less than three months.
The findings reflect market conditions seen in 2021 when property throughout the country saw a significant uptick in sales and prices.
At Realista, we believe that this situation is with us for at least in the short term, meaning that if you want to buy on the Costa del Sol, you need to act quickly. As we see on a daily basis, the best properties are literally snapped up in days, if not hours.
But not everything goes and you’ll need expert local advice to decide which properties boast the right location and price. Our friendly team is more than happy to provide that information – we’ve been here since 1992, so we know our stuff!
If you’d like us to help you find the property that’s right for you, get in touch.