Spanish Property Market During Covid-19 Lockdown - 2020
From Property Expert Peter Bowerman
Since the outbreak of Coronavirus, the best way of describing life, is that it’s been put on “PAUSE”, this is also the case with the Spanish Property Market. None of our Vendors have taken their properties off the market, none of our buyers have pulled out of their sales, but it’s difficult for new Vendors to put their property on the market and almost impossible for anyone to physically view a property until Phase 1 of the lockdown de-escalation has been confirmed. We are hoping to start viewing appointments again very soon for those potential buyers already living on the coast. However, the property market will be slow until the boarders are re-opened and our Northern European buyers come flooding back.
If you were planning to buy your dream property in Spain this year, then it’s understandable that you might have some concerns at the moment. The uncertainty surrounding Covid-19 and the new social distancing lifestyle we need to live until they produce a vaccine, is a lot to take on board. However, you may be surprised to know, we are still getting plenty of client enquires from all over Europe, many of whom are stuck in their homes and using this lockdown period as a good time to start their online search.
After speaking in depth, with many of our clients, we can see this temporary worldwide phenomenon is going to effect everybody in very different ways. Some clients badly effected by this terrible situation, are having to delay their plans for the foreseeable future, while some cash rich Investors are already chasing us for any forced sale (distressed sales) deals that may arise from this crisis.
Many of our more typical clients, however, which are 45-55 year old successful business people with good equity in their homes, are taking a very different view. It would seem that the horrific death toll of the global pandemic is focusing many to fulfil their life long ambitions / goals. "Life is too short” has been mentioned a lot by our clients over the last few weeks, and they are still wanting to secure a property and turn their Overseas Dreams into a reality as soon as they can.
The "Costa del Sol" is the luxury Southern coastline of Andalucia, offering one of the best climates in the world with around 320 days of sunshine a year. Andalucia thankfully also had the lowest infection and death rate in the whole of Spain, possibly helped by the fact that experts think Covid-19 dies a lot quicker on surfaces exposed to sunshine and that you are a lot less likely to be infected outdoors than you are in enclosed environments. This means Andalucia is going to be one of the first regions to come out of lockdown. The climate on the Costa del Sol also helps with the new social distancing lifestyle that we are all going to have to adopt, as confined indoor pubs and restaurants all around Europe / UK are going to be a complete no go for some time. Here though, due to the sunny alfresco lifestyle, small groups of up to 10 friends / family will be able to, in Phase 1 of the de-escalation, enjoy places like the beach and chiringuitos (outside beach restaurants) all along the Costa del Sol.
Also, UK buyers looking to move to Spain, still have a very real incentive to buy before the end of the year. It’s going to be much easier to get residency and health cover while the UK is still in the EU. However, from January 2021 nobody knows what the new rules will be for UK buyers / residents.
It’s unclear how long this crisis will continue or how much of an impact it will have on the global economy, but hopefully, as soon as they produce a vaccine for Covid-19, things should start returning back to normal relatively quickly. In fact, from what I’ve been hearing, most people will have a new invigorated outlook on enjoying life, more so than ever.
Remember, Overseas Dreams is a Master Real Estate Agency on the Costa del Sol and we continue to offer 16,000 properties for sale all along the coast, via our "state of the art" and mobile friendly website, which we update nightly. Why not use this extra home time wisely, to do your property hunting online, so you can be ready once borders re-open and we can push “PLAY” once again.
For now, please "Stay Safe" and If you are planning to buy this year, please make yourself known to us asap, so we can assist you with finding your perfect property on our beautiful Coastline. We are eagerly awaiting your return to the Coast and life as we knew it.
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