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The crisis of the coronavirus has put in check to the Spanish economy. With a forecast of the crop to the GDP of more than 15% according to the Bank of Spain, the housing market will not be immune to this meltdown. is prices, purchases and mortgages will be affected . However, the estimates vary depending on whether we refer to new work or second-hand. The scenario is still uncertain because of the danger that the crisis for health bites due to possible flare-ups do not mermará until you don’t have a vaccine. In pisos.com we analyze how to behave in both types:
1. Evolution of the price . The second hand will suffer adjustments of prices charged to the new work. This is a great opportunity for investors, as this segment will provide better margins and profits. In addition, it is expected that the offer will increase to inheritance and real estate sellers in a hurry for obtaining liquidity. The new work has a route to the poor much more narrow, since the supply is more reduced and the production costs are calculated to the millimetre.
2. Reforms and maintenance . One of the drawbacks of the second-hand is that, although the purchase price might be more attractive in front of the new home, after its acquisition it is usually necessary to undertake certain reforms. In some cases it will only be a small upgrade, but in others there will be who pose a rehabilitation comprehensive in nature. The new work has to be delivered ready to enter to live, although the costs of community tend to be higher.
3. Open spaces . The promoters have taken note of the new requirements of the demand, and after passing the confinement has been realized that the outside spaces are synonymous with quality of life. Patios, gardens, balconies… This kind of bonuses can only be met by new developments. The used housing is more limited in this sense, because it’s the only account with what is already existing, or, at most, with the possibility of re-opening an enclosure of the terrace.
4. Dance locations . The new work that is put in place in the center districts represents a minimum percentage. In addition, this type of promotions usually carry the implicit component of the luxury residential, given that the plots free are sold at exorbitant prices. Therefore, the used housing is the alternative more feasible in the center for those who do not have a budget lift up. The periphery is a place where you can find new housing and affordable with qualities non-negligible.
5. Savings prior . The destruction of jobs and the closure of businesses has triggered the pandemic is unprecedented. With a frame work unstable, the demand expands their purchasing decisions due to the difficulties to achieve the savings in advance, which covers the part not financed by the bank. Both the housing used as the new demand a high percentage prior to the mortgage, although buying off-plan gives more time for the buyer to collect the funds.
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