News: CoVid-19 and the Spanish property market, understanding buyers choices
Written by Inmo Investments - 12 May 2020
Ten factors that will drive the Spanish property market this year
In mid-March, governments around the world pressed pause on the global housing market.
In response to the unprecedented coronavirus pandemic activity within the Spanish property market was all but halted. Some two months later, the big question is what will happen when things get back to normal?
To work out what happens next, it´s important to understand the likely impact of the crisis on human behaviour - in particular how the crisis will modify buyers perceptions and their resulting psychological motivations.
After all, it´s not banks or governments that will determine the direction of tomorrow´s property market, it´s the future buyers that will influence property prices and demand for residential housing in Spain.
Our past life-experiences shape our future choices, so if we want to be able to understand tomorrow´s buyers and meet their needs successfully, we need to focus on the things they´re looking for now, and recognise how their most recent experiences might affect their buying choices.
Here are ten human factors that are likely to prove key-drivers with a positive effect on the future of the Spanish property market this year.
1 | Coronavirus won´t stop people dreaming of a life in Spain
Choosing to invest in Spanish property is a long-term life-goal requiring the commitment of significant time, research, and finance. It can take years of careful planning, and given that COVID-19 has negatively affected property markets globally, buyers that have already committed to the idea of an overseas investment are unlikely to change course.
2 | People´s dreams don´t change, only their ability to realise them
Buyers are far more likely to minimise their expectations if their budget decreases, rather than abandon their dreams of a place in the sun. Typically buyers will prefer to downsize to a townhouse or a cheaper property with communal facilities in place of a villa with a private swimming pool, instead of scrapping their plans altogether.
3 | Gardens, the importance of outside space
It´s no secret that a quality outside space is essential for Spanish property buyers. Nearly two years ago we revealed that it was the single most significant deciding factor for prospective homeowners, and although that hasn´t changed, the coronavirus pandemic has underscored that importance, and will undoubtedly shape future buying choices.
4 | Life changes, change lives
For many working people, their experience of lockdown will have provided a tantalising (if temporary) first taste of what life might be like during their retirement. With more time to relax, more time for their family, or for hobbies, the global pandemic will inspire some property buyers to make their move sooner rather than later.
5 | Efficient and productive, teleworking works
The health crisis has exposed the fact that a significant proportion of people´s daily work routine can be carried out remotely in a wide variety of business sectors, with employees and employers reaping the benefits of increased efficiency and productivity. Many buyers will realise that working from a home office with an internet connection can take place anywhere.
6 | People with less money typically seek a lower cost of living
Spain still offers a significantly lower cost of living for buyers from Northern Europe. Money goes much further here, and whether buyers intend to make a move permanently or simply buy a property for future holidays, Spain´s bargain cost of living remains exceptionally attractive to prospective international homeowners who might now find they have a reduced annual income.
7 | There may be no better time to buy property in Spain
Property in the Alicante Province offers excellent value compared to most alternative Southern European destinations such as France or Italy. The last global financial crisis hit Spain hard in 2008, but that was more than a decade in the past, so there may be no better time to buy for almost half a generation.
8 | The attraction of robust European currency markets
The last two months have seen some substantial short-term movements within the international currency markets, but the Euro has proven considerably robust over the last month, with the Pound Sterling moving at less than 3 cents over the past 30-day period, and Swedish Krona trading today at rates equal to early March 2020.
9 | Spanish stability is a currency of underestimated value
Consistently fabulous weather, a healthy Mediterranean lifestyle, and a vast country rich in history and culture - the hardcore fundamentals of Spain´s popularity remain as solid as ever. The country has exhibited exceptional political and financial stability throughout the coronavirus crisis, and stability is attractive to overseas property buyers.
10 | Brexit and UK buyers, the forgotten ticking clock
With everything that´s going on, it´s very easy to forget that the United Kingdom is in the process of leaving the European Union. But the countdown to the end of the year continues, and there can be no doubt that many potential British buyers will be keen to ensure that they secure their place in the sun before time runs out.
Our team understands international property buyers, and the evolving landscape of the Spanish property market. Get in touch with us today and let Inmo Investments help you sell your Costa Blanca property. Call +34 966 919 917, WhatsApp +34 667 319 713,
email firstname.lastname@example.org, or find us on every social media platform that matters.
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