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 weeks.
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.
The Real 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.
Looking Ahead 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.
Rental Market Scenario
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.
Conclusion:
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 signing.
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!
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