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The sector of the luxury housing is facing some changes as a result of the coronavirus, although it has positively surprised by his good behavior during the last few weeks.
The interest in this type of houses has not ceased in these months of confinement although time has been lost to the foreign buyer, until you are able to return to Spain. “Surprisingly, is not affecting much, we see enough movement, although it is still early to know if you are going to have a big impact”, indicates Constanza Maya, director of operations and expansion of Engels & Völkers in Spain, Portugal and Andorra. “The luxury segment is a value refuge in situations of crisis and do not register an excessive fluctuation. In fact, e n these moments there is a great interest for the purchase of real estate luxury what makes our sector one of the few winners in this situation,” says Christophe Chevallier, director of Barnes Madrid.
In these last few weeks are looking to “large houses, floors good, they have a lot of light, with a swimming pool and they have a good common areas”, referred to in Maya. Houses in the areas in which they are located, tend to belong to the luxury sector. is Notice also an increase among the spaniards in search of a second residence “and even of the third residence in mountain areas, countryside… is now searching for more contact with nature”, he adds. On the applications received in Barnes, for example, “calls attention to the high demand for the purchase of properties and the change of criteria in search of some buyers into houses with a garden and a terrace.
The seller of these homes is not in a hurry and prefer to wait to lower the price
we Talk about a sector in which the purchase decision takes longer than the acquisition of homes of low values so that in the medium-and long-term pandemic may have hardly any impact on sales. is “the more foreign tourists have a growing interest in buying a home but we’re talking about decisions that can take more than one year”, highlights the career of Engels & Völkers. This real estate company works in Spain with more than 40,000 properties for sale (between franchises and own business) of which a quarter are valued at over a million euros. From Barnes waiting for domestic demand to recover the protagonism to the detriment of the foreigner by the lack of mobility between countries during the next few weeks. “But it is evident that in regard to open borders again, the international interest in the luxury market Spanish will recover,” says its director.
at the moment it seems difficult to know how will evolve this crisis on the economic value of the luxury homes. According to forecasts of the agency Barnes, in the following weeks the price of this type of housing with less demand will fall 10% in Spain. “With the arrival of the phase 1, the decrease of prices in Madrid and Barcelona will be 5-10% in those properties with less interest to shoppers or they were sobretasadas before the crisis, while in markets more international, such as the Costa del Sol, the declines will be of the 10-15%”, says Christophe Chevallier. Areas of second homes as the of the Costa Brava also will suffer cuts of up to 20% depending on the liquidity needs of the owners.
last year, the buyer national, joined the 80% of OPERATIONS
From Engels & Völkers remember that the germans buy mainly houses in Mallorca, the French in Catalonia and the belgian and Norwegian on the Costa del Sol and the Costa Blanca. “In Marbella do not lower the prices, we again see a lot of interested national, of Madrid, like in Sotogrande”, pointing Constanza Maya. Remember, also, that the most normal thing is that the seller will not be in a hurry to sell the property “and if referred to in quote below of what you ask for you prefer to wait or simply not sell.” Although now you have lower bids by buyers, “is not reflected in the sales, because they keep the prices”, he adds.
Madrid, an international reference
remember that Madrid continues to gain importance in the international arena real estate for the purchase of luxury homes and occupies the second position worldwide in the list of most interesting cities to invest in real estate in this 2020. Is behind of London, and above other places of reference in the european market such as Lisbon, Genoa, Budapest or Moscow, as was indicated in the study by Barnes Global Property Handbook.
According to the annual report on the luxury real estate Barnes relative to last year, in Madrid, Valencia or Seville, as well as areas of the Costa Brava, the Costa del Sol, the coast of valencia or the Balearic islands and the Canary islands, the increase of prices amounted to 3%, surpassing in some areas the 8,000 euros per square meter. Taking into account the characteristics of the dwellings, the greater part of the demand is focused on properties ranging from 500,000 euros to 2.5 million, with a surface area of between 150 and 500 square metres. The buyer national accounted for 80% of transactions generated, while the american, French, british, germans and belgians were foreign buyers more active during the past year.