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The real estate looks inevitably affected before the new economic crisis. In addition to an expected drop in the purchasing power of the spaniards, the lower presence of foreign tourists will have an impact especially in the market of second residence in Spain. “It will be the most affected within the residential” indicates a Samuel Population, national director of Residential and Ground of CBRE . “We are a sector closely linked with the evolution of GDP and unemployment, and this year it is expected a significant fall,” he adds.
According to the Registry of the Property, in 2019 the number of purchase and sale of housing on the part of foreign investors accounted for 12.5% of the total in Spain . 53% of these operations were concentrated in Alicante, Malaga, Barcelona and Madrid. The coastal provinces had already experienced in the sale and purchase light falls before the Covid-19 “and we expect fewer transactions this year on the part of foreigners for the constraints of mobility,” says Population. is The English are the main foreign buyers , followed by French and germans.
despite this scenario of uncertainty the data on the future of the second home are not too pessimistic already seen enough movement in the searches and at the same time, after the confinement, there are those who pose a change house outside of the major urban centers.
“The external factors, such as the phases of desconfinamiento, the options for travel between communities or to move telework into the second residency will mark the evolution of this market both buy and rent”, it indicates Ferran Font , director of Studies pisos.com . “A lower presence of foreign buyers will add to an imbalance between supply and demand so that those areas more exposed to the international buyer will suffer a major stop in the activity and you will notice a major decrease in the prices”, he adds Font.
keep in mind that there are provinces in Spain where the international buyer has a relevance notable. Alicante, with a proportion of 39% of the total purchases of housing, the Balearic Islands, with a 32% and Malaga with a 27 % lead the ranking of markets where the buyer national has less weight. “For this reason, and although the nationalities of origin of the buyer are not the same in each zone, will be the most affected areas”, he adds.
From Tinsa, a company valuation, indicate a lower volume of appraisals to the logic fall in activity in the residential market and expect that the next few months, “reveal the impact on values media”, indicates Rafael Gil, director of the Studies Service of Tins to. Remember that the second home “is a market exposed to determinants further that, at least, makes it potentially more susceptible to higher settings. The recovery of mobility, both national as international, it marks the impact that finally acknowledgement”. Believed that it is still early to speak of the declines in prices, “intimately linked to the evolution close to the demand” .
The property consultancy CBRE does expect a price adjustment, especially second hand. “Those who need to obtain liquidity quickly, according to the personal situation of each one, lower the price, a fall that may be between 5 and 7 %,” says Samuel Population who also points out that the values of the second residence were growing five years ago, “and since there was not much margin to continue to increase”.
Fernando Encinar, head of Studies of Idealistic , signs that the fall of prices might not even be so acute in the major markets and “perhaps the depth of the crisis will be lower than expected . The sustainability of the demand on the part of investors in the moments in which the individuals seem to have been temporarily removed could cause the price not had the crashes that some say”. However, not all areas of the country will have a homogeneous behaviour.
“The Spain that is to be filled, which concentrates the demand and it is generating employment (Madrid, Barcelona, Malaga, Valencia, the mediterranean coast and the archipelagos) could not experience price falls so relevant that itself will affect the Spain that is empty”. In this real estate portal traffic of foreign origin “has had a remarkable recovery and has already reached the levels that were in January.” Oak believes that this may be due to a renewed interest by permanently reside in Spain “by telecommuting, buyers have waited for lower prices or who want to accelerate certain opportunities”.
Inside the second home, everything indicates that the new work will be the least affected. For the moment, “the demand remains strong and with reason for the situation hotel housing tourist or second residence is being more demanded. The product is being built, is sold in a high percentage and the behavior of prices is stable,” says Daniel Crow, general secretary of the Builders Association of Promoters of Spain (ACPE) .
do Not expect significant delays in the completion of the promotions in construction and although this year less foreign visitors to Spain, “the sales are carried out with collaborations of international agents and are not resent having marketing channels in the countries of origin”.
Sebastian Miller, secretary general of Andimac, points out the two major types of second homes: “that which is acquired for non-core and which form part of the heritage family.” 80% of the population lives in large cities, “but a very high percentage has access to homes as second homes in rural environments”. From this association believe that this period will be an incentive “to recover in a certain way these homes and reform them to spend certain seasons, in the same way that the rural tourism is still one of the leisure activities more demand.”