The Demand for Spanish Properties is Back
With the long global lock-down and economic uncertainty, the past few months have been tough for many industries, including for those working in the real estate sector. Even though the year started on a positive note, everything quickly came to a halt in the middle of March.
As we sat at home, keeping busy with updating our website, property descriptions and making new videos, we also pondered how the real estate market will recover once countries are open once again and how we can make the best out of a difficult situation.
Luckily, as soon as we reopened our offices, the phones started ringing once again and the inquiries rolling in. Many people have realized that they can now comfortably work from home and thus live pretty much anywhere they want.
Naturally, many from the Northern part of Europe are looking for the most optimal climate. Even within Spain there are huge variations in weather and demand, which is why Andalusia is such a focal point, attracting over 20% of the total buyers in the whole country. When it comes to days of sunshine, beaches and gastronomy, you just can’t beat this region.
Some people, fearing future waves and lock-downs are choosing to sell their apartments and upgrading to houses instead with gardens and pools instead.
Long-term rentals are back on track while the summer rentals are still a bit uncertain as people don’t know how and when they will be able to travel. However, we are seeing more domestic travel and demand for holiday homes from people arriving from different parts of Spain.
What about people from the UK? They have not only the lock-downs but also the Brexit situation to deal with. But despite the uncertainty, according to Rightmove: "We’re now seeing signs of an increase in demand from UK buyers looking for overseas properties. In April, searches on Rightmove Overseas reached their highest point in 2020 - up 50% compared to March, and an increase of 18% on April 2019.
Early signs for May indicate that this trend is accelerating, with searches for overseas properties up 29% in the first two weeks of May 2020 compared to the same period last year.
In Spain specifically, the rise has been significant, with searches up 24% year on year in the first two weeks of May."
Hopefully, the 2nd half of 2020 will bring more good news and demand for properties in Sotogrande. If you’re looking for your dream home or need help selling your existing real estate, please put your trust in the BM Sotogrande Properties Team to get you the best price or to find you the best deal. We are always at your disposal.