Spanish housing market opens after lockdown. Looking for a bargain?
Today, almost two months after lockdown, Spain has begun its de-escalation plan and is gradually re-opening. Real estate agencies can slowly begin to work and hopefully transactions will be able to complete very soon, although physical viewings to the properties will not be available until a few weeks’ time.
What will happen to Spanish housing prices this summer?
It’s hard to predict this. Considering April´s figures for the housing market in Norway, we saw house prices rise by 0.5% and sales volume fell by as little as 10%. The latter figure will be significantly lower for the Spanish housing market. About 90% fewer homes were sold in April, and the figures for May will probably be very similar.
Having seen so few sales in the past weeks makes us believe there could be an adjustment in prices.
Developers offering new homes are not willing to reduce prices as yet, although depending on how the market goes, they might have to reconsider.
In the secondhand market we believe there could be some good opportunities to buy a property. Spanish economy is entering a difficult stage. There are nearly 4 million people without a job and a huge pressure, which will translate in people not having enough money and therefore will need to sell their assets to get through the crisis.
We believe we are entering a buyer's market and this could be a good time to invest in property in Spain. Costa Weflen Group are here to help you. We have expert agents with a thorough knowledge of the Spanish market and who can advise and assist you throughout the buying process.
Contact us and we´ll explain you the whole procedure.
