THE Spanish property market is seeing a lack of options to buy, with house hunters outnumbering the number of properties up for sale.
Figures published in El Mundo show the number of properties for sale in Spain since March 2020 has reduced by 13.89%.
Sales picked up for an interlude between 2020 and 2021, but this spell of increased buying along with a lack of new homes being built has left a shortage of properties which is now hindering the market.
These trends are also causing inflation, with prices having increased 6.4% in the last trimester of 2021. With a higher number of buyers than sellers, properties stay on the market for much less time than previously and the final price is brought down by buyers much less – between just 5-8% compared to 10-15%.
Locations along the Costa del Sol are amongst some of the worst hit for property shortages. Benalmadena features in the top 10 municipalities worst affected, with available properties up for sale dropping by 39.9% between 2021 and 2022, whilst neighbouring towns Fuengirola and Estepona have experienced a 30.3% and 29.9% drop respectively.
Valencia follows closely behind Benalmadena, with a 39.8% decrease. Two other municipalities within Valencia’s autonomous community, Vinaroz and Manises, both land in the top five worst hit areas in the country after seeing their property markets shrink by 54.4% and 48.5% over the last year.
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