Mon 8 March 2021
Property News | Post covid housing market on the Costa Blanca
How is the property market on the Costa Blanca post pandemic?
Here at Jacaranda Spain, we are asked this question every day. The honest answer is "not bad, could be better!"
At Jacaranda Spain we are on alerts within the market with information on house sales nationwide. The truth is the pandemic has hit the property market hard in this country, as well as almost every other business sector. The pandemic has seen asking prices fall by up to 10% in the Costa Blanca coastal regions. This is largely due to the travel restrictions and consequently, the fall in confidence of sellers. That is great news for the buyer!
It is around this time of year that normally sees the start of the peak season in Spanish property sales. Some experts predict a rise in house prices soon, although this largely depends on travel restrictions, vaccination programmes worldwide and quarantine laws. At the moment, not much is certain. What is certain however, is that the upturn will happen as soon as people can travel freely.
Financial expert Mikel Echavarren from consultancy firm Colliers, takes the view that foreign buyers will bring about a revival of the market.
"Areas like the Costa del Sol and the Costa Blanca are enclaves for European retirees and those destinations don´t really have any competetion from other countries. I believe that the first sign of recovery in the Spanish real estate sector will be second homes located on the coast". This is a terrific shot in the arm (see what we did there?) for the Marina Alta too.
Here at Jacaranda Spain we are receiving lots of enquiries, in particular, in high end luxury properties, meaning that confidence is returning...Big style!
Some predictions are not so optimistic. Some experts are predicting limited travelling due to low confidence in potential buyers. This is due to the Spanish governments slow start with the vaccination programme here. If this is the case then, now is an excellent time to buy.
All the experts agree on one thing. That is, that next year will see an upturn. Even the most pessimistic in the real estate industry agree that next year will, at the very least, see a return to pre 2020 levels.
Here at Jacaranda Spain we feel optimistic. We are not financial experts but we do know what the "buzz" is. There is a feeling of the calm before the storm. A big wave is coming, and, here at Jacaranda Spain, we believe there has never been a better time to "get our ship in order"!