A large number of home buyers and
investors were waiting for project completion. The government announcement to
resume the construction operations on April 15 came as a big relief. Some
relaxations are given on phase 1, phase 2, and phase 3 basis which will further
allow EU visitors to enter the country without the need for isolation for two
Tourism will come back to its safe
place in Spain. Beaches, hotels, bars, and restaurants are accessible while
following safety protocols. All these relaxations after a COVID-19 lockdown
came as a breather for property investors and will present great opportunities
in the real estate market.
With the recent opening in the
property market, let’s take a look at its future scenario and the possibilities
it presents to potential investors.
Estate Market this Spring
Amid the COVID-19 outbreak, property
sales have been taking place online via Zoom and Skype. Tax reduction on second
home purchases is the talk of the town. It will be extremely useful for British
citizens who are willing to buy property in Spain. Brits show a huge interest
in making a property investment, whether for renting purposes, retirement
peace, or owning a property that they can call home.
to the Future
Apartments equipped with good outside
space and garden area comes on the top of the list. Since there is still a fear
of the virus, which translates to another round of confinement and thereby, outside
space could give peace of mind to homebuyers.
Prices of second-hand properties have
fallen while Spain’s capital cities like Madrid have seen a significant
increase in prices. Most people's preferences have changed and now more
importance is given to space, room to work, and ample light. After long
confinement, future homebuyers look for open-air rooms, balconies, patios,
small garden areas, and terraces.
It doesn’t mean it is a ‘goodbye’ to
small properties entirely. Retired people who don’t need to work remotely will
still be seeking reasonable properties, close to the beach and amenities for
optimum leisure. And these properties will be more affordable than before which
can be a good bet for the buyer.
People are interested in renting homes
in municipalities outside Spain’s major regions and even a little inland from
the Mediterranean coast. Properties with large grounds and communal areas are
becoming more popular. Madrid and Barcelona have been a massive increase in the
interest in rental properties. This also applies to Valencia and the province
of Málaga as both of these areas are famous amongst British people.
Even due to ongoing changes and
challenges, buying and selling a home will certainly be a physical process. If
mortgages are involved, a few people can participate in a room for the
There is no doubt that the pandemic
has drastically evolved the real estate market in terms of pricing, technology
adoption, and safety measures. But it doesn’t change the fact that many people
still want to live a high-quality life on a Mediterranean coastline.
If you’ve any queries regarding
Spain’s property market scenario and home buying process, don’t hesitate to
reach out to our experts!
If you wish to receive more information, do not hesitate to contact us.
Phone: +34 966 397 944