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Resales Spain 2023: Malaga and Tenerife among best regions to sell property back, but selling has become more difficult than last year

Resales in Spain 2023: According to Idealista (a platform offering Spanish real estate), it will take longer to sell a house back in 2023 than in 2022. It is also striking that in certain regions of Spain real estate sells much faster than in others. In this blog, we explain all about it.

Resales in Spain 2023
Malaga region scores best in resales

Research method

Spanish real estate portal Idealista publishes data on how long homes stay online on its website, which is updated every six months. They assume that offer times are an indication of how long it will take to find a buyer. There are many reasons why offer times do not equal time on the market, but it does give you an idea of how long it takes to sell a house in Spain, and it is the best approximation as far as available data.

Resales in Spain 2023

According to Idealista’s latest data, covering ad times in June, 12% of properties nationwide were online for a week or less, 44% of ads were removed within three months, while 21% were online for a year or longer. . In other words, you could say that 12% of homes find a buyer within a week, and 44% of homes are sold within three months of being put on the market.

Best regions for real estate in Spain as an investment

In regions of most interest to foreign buyers (data refer to provincial capitals), homes are selling fastest in Malaga (60% in three months), followed by Barcelona (57%), Girona (50%), Alicante (46%) and Tenerife (44%). Sales were slowest in Palma (26% gone in three months) and Madrid (also 26%).

So real estate as an investment is best bought in these first mentioned regions, which are also ideally suited for rental.

Time to sell resales in Spain by 2023

Comparing the December 2022 data with the most recent June data, it seems that it is taking longer to find a buyer throughout Spain, including in the areas above that are of most interest to foreign investors. The table and chart below show the percentage change in the share of homes sold in each period for a selection of regions. When the share decreases (negative percentage change), listing times get longer.

Provincial capitalSold in 1 weekSold in 1 monthSold in 3 monthsSold in 1 year
Málaga-17%-21%-9%-3%
Alicante-44%-32%-15%-3%
S/C de Tenerife-61%-57%-34%-4%
Girona-38%-32%-21%-5%
Cadiz-20%-31%-14%-7%
Barcelona-31%-39%-21%-7%
Valencia-23%-47%-24%-15%
Granada-62%-59%-39%-16%
Murcia-79%-61%-37%-17%
Las Palmas-41%-21%-25%-21%
Madrid-84%-77%-64% -33%
Palma-74%-67%-51%-38%
Source: Idealista(https://www.spanishpropertyinsight.com/2023/07/22/is-it-taking-longer-to-sell-a-home-in-spain/)

For resales in Spain 2023, ad times are longer in Palma de Mallorca and Madrid than anywhere else. In Madrid, the percentage of properties sold or removed within a week fell 84%, while the drop in the number of homes sold within a year fell 33%. In Palma, the supply sold within a week fell 74%, while the number of homes removed within a year fell 38% (meaning that the proportion of homes still for sale after a year increased). Malaga and Alicante held up best with only a 3% decline in the proportion of homes sold/removed within a year. Tenerife also still scored well with a 4% drop.

The longer offer/sale times indicate that it is becoming more difficult to find a buyer for property in Spain at current price levels.

Buying real estate at Investinspain

At Investinspain, we want to offer real estate that you not only feel at home in, but that retains its value and, as our name says, is a good investment. It is therefore no coincidence that the regions in which we offer real estate also continue to score well in resales. In fact, we chose these regions based on their stable real estate market over the years. So, are you looking for real estate in the Malaga (Costa del Sol) or Tenerife region? Then be sure to take a look at our projects.

Curious about more real estate advice in Costa del Sol or Tenerife? Or feel like reading another blog?

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