Home sales rose 40.6% total year-on-year (January-September), amounting to 53,410 transactions. It is the largest number of sales since April 2008 (54,801), according to the Spanish National Statistics Institute (Instituto Nacional de Estadística, INE). This recovery came from new structures, an increase of 30.1% or 10,933 deals, while sales of already existing houses grew 43.6% year-on-year or 42,477 transactions. But what are the main reasons why Spaniards are selling their homes?
According to PropTech company Housell, 47% of the Spanish population admits to selling their home because of changing needs or wanting to live in a different area. Triggers for the respondents who moved houses were changing area (63%), searching for a smaller property (23%), or for a larger one (14%).
Other causes are selling property due to inheritance or divorce. The study points out that 11% chose to sell their house because it was part of an inheritance, while 6% did so after a divorce or separation. Economic investment or retiring were other reasons, although to a smaller degree.
The survey also indicates 12% of owners want to sell their second home. When focusing on this fact, 55% admitted this was due to lack of use. Former rentals (23%) or inheritances (22%) are different basis that stand out when selling a second home.
Timing when buying and selling property
40% of polled respondents want to sell their homes as quickly as possible while 38% chose to sell 3-6 months after starting the process. On the other hand, 21% of Spaniards lock sales down in the first 3 months while the remaining 1% do so at 6 months.