Decrease in the housing prices in Spain reaches 10%
In all parts of the country people began to look for more spacious and light houses.
Following the results of 2020 the prices of the residential real estate of Spain in general significantly will not change, however now in various parts of the country influence of crisis is felt differently.
It follows from the analysis which is carried out by the international agency of the elite real estate reports an information portal. The company investigated the prices approximately in thirty places across all Spain.
"The interest of investors in the most important areas is retained, and this high concentration of demand in several markets will keep the prices without significant changes", – Juan-Galo Masia, the CEO of the company in Spain, Portugal and Andorra claims. Nevertheless, the expert believes that recession of economy, rise in unemployment, a lack of liquidity and other economic factors can lead to adjustments up to 10% in such large cities as Madrid, Barcelona and Valencia.
Though depending on the region the situation significantly changes, practically in all territory of Spain it is possible to mark out the general regularities of demand. It is interest in investments, search of housing for rest and also aspiration to improvement of living conditions: transition to more spacious and light rooms with open spaces, such as garden or private pool.
The population of megalopolises most strongly suffered from crisis. In a current period in Madrid, Barcelona and Valencia there was a reduction of prices up to 10% though many transactions suspended because of a quarantine are not finished yet therefore statistics can soon change.
Especially big decrease was shown by Barcelona more focused on foreign buyers. Besides, the new trend caused by a pandemic is traced: growth of temporary lease behind borders of the large cities or in coastal zones. Especially considerably it in Valencia where increase in demand for country houses with pools for a summer season is observed (from June to September) with obvious intention to have an opportunity of distant work in more spacious room. The trend on search of the second houses in the province, outside the large cities is also noticeable.
On islands which are especially appreciated by foreign buyers of the real estate the prices generally were left without changes. Moreover, on Mallorca the average market price of objects grew since 2019 by 12.5%.
On Costa-Blanca, Costa del Sol and Costa Brava of real estate price remain invariable. The stop of the market led to the fact that offices of the international company on the real estate in the Province of Alicante received a set of offers on purchase with discounts to 20%, however, according to the forecast of the agency, by the end of the year the prices will drop no more than by 5%.
In this part of the country of change are most noticeable, especially where the main demand is formed by locals in search of the main residence as, for example, in A Coruña. Increase in demand for one-family houses is about 60-70%, it is followed by interest in apartments with terraces.
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