Spanish property market participants forecast.
Difficult, tragic, unexpected, terrible. All these words became synonymous with 2020. Indeed, it was full of threats and risks, falls and damage for the real estate market of many European countries. Spain is no exception.
At the same time, there is a statement that everything is not so bad. As soon as the restrictions are lifted and borders are open, investors, including foreigners, will return to the market and will launch a purchase and sale mechanism. An additional, it is much talked about government support. It also can improve the development of the real estate market.
We asked market participants to describe in a few words the 2020. And, of course, about their predictions.
Big change in the attitude of buyers
James Vizetelly, Affinity Spain, mentions that travel restrictions have definitely affected the market, but since q3 2020 there has been a big change in the attitude of buyers.
Many buyers are now confident that the market will develop regardless of what happens in the world.
There are clients, who are ready to purchase after an in depth video call from properties which may also include a live area tour via WhatsApp or FaceTime. This new way to offer clients properties when a physical presence is just not possible is incredible. We believe it can provide massive future market development. Live drone tours of areas, 3D floor plans and Google Earth location maps are new assistants for agents. Especially, if we are talking about younger clients. Buyers temporarily moved away from face to face property tours, which we suppose will be so for the foreseeable future. That is why our team has managed to move very quickly to adapt to the demands of clients, – James Vizetelly says.
Expert agrees that 2021 should be a good time for investors to move into the market.
Property owners have refused to reduce agreed selling prices. Perhaps, there will be a small price increase during 2021. There is a large drop in the number of resale properties coming to market which will feed the expected price rises. We have not seen any large price corrections and considering the present demand we do not predict changes in 2021, – James Vizetelly comments.