What Will Happen With The Spanish Real Estate Market After Corona Virus?
Corona Virus took the entire world by surprise and played with us all a game of pandemonium. Some say that it is the end of the world as we know it, just like a sci-fi film. Truth is most markets and people on the planet are already thinking about how to get back to activity once the storm has passed. This is exactly what this piece is about, so let´s go right into it. As a spoiler, we should say that there is always sunshine after the storm.
Predictions before Corona
The prestigious S&P Forecasting agency had predicted a strong rise in house prices in Spain for 2020. Costa Blanca especially is starting to be considered one of the most beautiful places in the world and hence, more people are showing interest in it. The exact number predicted by S&P was of a 4.2% rise. This was, of course, before Corona Virus hit.
Although the percentage might seem a little high, it is a decrease in the current trend and symbolizes the market entering its maturity phase. This will happen in both major Spanish cities: Madrid and Barcelona. While in the Costa Blanca and the islands like Mallorca, prices shall be steady with a tendency of going up.
All of this was before the Corona Virus impact, so let´s take a look at what will happen now.
Corona Virus possible impact
Corona Virus in Spain hit really hard but in Costa Blanca the number of infected people is much lower than in the capital. This means that when the Corona Virus storm clears out, the number of casualties in the region will be much lower than generally in Europe.
Albeit small, the impact of the virus is real and shall affect the market. Specialists say that it will be stopped partially for at least three months and fully for about three to four weeks. Since the complete lockdown for the next fifteen to twenty days will keep everyone at home, there are no viewings and only internet operations are being pursued. Actually, with more time to browse the web these days, most potential buyers are selecting their new property daily. Whether those operations will come to a positive conclusion or not is something else, but they are happening as we speak.
The light after the storm
Corona Virus will not stay forever on the surface of the Earth; humankind went through many crises before and this shall not be an exception. There is no doubt that we will overcome this as we did in the past. The question, though, is what will happen afterward? Let´s take a look.
Property owners should be careful what price to set for theirs. The most recommended is to go through professional advice on whether to sell or not to sell in times of crisis. It is important that you remain assessed about your property´s real price at all times.
Most crises turn into huge buying opportunities, so if you are a potential buyer of a property in Costa Blanca, you could be checking online sites to see what is on offer at the time. Prepare yourself for the end of the lockdown because it can be a great occasion to get the property you always wanted in a better deal than you ever imagined. Of course, trust professionals as well.
Every world crisis comes with an opportunity for transformation. If you want to make a wise move and move to paradise, perhaps this is the chance. Pandemic has to be a good teacher about time; there might not be a tomorrow, it is time to live up to our dreams. Once the storm is over, pursue them harder than ever. Move to properties for sale in Costa Blanca and be happier than you´ve ever been.