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Author: Lee Last updated: Thu 05 Nov 11:35
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Property prices in Spain, how has covid19 changed the property market

Property prices in Spain, how has COVID-19 changed the property market

As you may have read or seen on the news, Spain has experienced a severe lockdown regime – one of the most severe in the world, not just Europe. The lockdown rules were in place since the 15th of march. As a result of this many sectors have taken a beating, with many of those having their very future’s questioned. The various Spanish property markets have not been unaffected.

Of course, property prices are set to fall in most European markets due to the ongoing effects of the global pandemic, and according to a report by Standard & Poor Spain can expect a drop between 3 – 3.5%, with an expectation that they will begin to climb again in 2022.

Property and consumer opinion during COVID-19 pandemic

Nobody can say for sure what any market will look like when the pandemic is finally declared ‘over’, there is no point in modern history that we hold next to this one so we can compare the two. However. General history and social psychology can give us a small glimpse as to just how the current pandemic will affect the consumer.

Of course, the changes we have already seen and the ones that we are yet to experience are going to have a disproportionate impact on the young people in society as this whole thing unfolds during their formative years.

Going back to the immediate future, and Spanish property markets in particular, things are not expected to change an enormous amount. That being said, properties that are slightly more rural in focus and with private gardens are set to become much more popular.

The reason for these types of properties increasing in appeal are pretty obvious, when you think about it. During the enforced lockdown, as opposed to self-isolation, people have become more appreciative of their own green space they can relax in. You can still be locked down, without feeling shut-in.

Similarly, properties that are more rural than urban are going to look more attractive because of the effects of contagion. Social distancing, if anything, has shown us just how populous even the smallest town is. Rural = less people = less chance for contraction of any kind of virus, let alone Covid-19.

Life after Covid-19

As stated previously, there is no comparable moment in modern history so anything said about the aftereffects of Coronavirus would just be a guess. An educated guess, but a guess, nonetheless. Provided the relaxation of lockdown measures are done properly, and successfully, and the right stimulus packages are applied there is reason to believe that things won’t go on as before – relatively speaking.

Attitudes may well change, including those highlighted above with regards to home buying habits, and people will probably more attuned to keeping out of each other’s personal space. Other than these points, we can look forward to a world that is perhaps not quite the same as before but may actually be a little better in the long run.

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