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Gone are the times when eager buyers lined up to buy homes and Spanish real estate companies could afford to rise prices from one day to the next. These days, it's not uncommon to see new developments displaying dozens of promotional signs, timidly waiting for an owner. Lowered demand seems to have finally nailed the coffin on a Spanish real estate market where properties could be turned around for huge profits in a matter of weeks.
In Sevilla, for example, the average turn-around time for a property had until recently hovered around 3 months. This figure has more than doubled in the last year to surpass 6 months, according to COAPI (Colegio Oficial de Agentes de la Propriedad Inmobiliaria). Rising interest rates, higher prices and increasing unmet supply are a few of the reasons why it takes half a year to sell a property in Sevilla nowadays.
The current market situation is sure to force a lowering of prices, since many properties had been over-valued when conditions were more seller-friendly and less people can afford buying homes because of the rising interest rates. Sellers in need of buyers will have no choice but to re-evaluate their prices, putting buyers in a more equitable position than they have been in over a decade of unrestrained growth in the Spanish real estate market.
