As tourism and leisure businesses are forced into closure as part of the Spanish governments efforts to fight COVID-19, the Real Estate and Housing market as well as the economy in Spain will be hit very hard. There is no doubt the impact will extend well beyond the restriction requirements of 15 days. The negative impact will be felt for many months. Needless to say sellers in the market will be impacted by this tremendously. However this market will present great opportunities for Foreign Investors and Buyers looking for Real Estate in Costa del Sol; the hottest real estate market in Spain.
This is all terrible news for the Spanish housing market, especially the second-home market, which relies so heavily on tourism. With Real Estate Agents unable to show homes currently on the market, the system comes to a complete standstill. With consumer confidence very low, it will also take some time for that confidence to return.
If time isn’t a factor, sellers should consider pulling their properties of market. This stops the ‘Days on market’ clock from ticking on your property. Costa del Sol cities such as Marbella, Benahavis, and Estepona continue to be very hot real estate markets in Spain. Foreign investors and buyers looking for investments and/or second homes in Costa del Sol, should be using this time to work with a local and trusted Real Estate Agency in Spain such as Bella Nova Realty to locate properties with recent price reductions and great buyer incentives. A buyers market is quickly approaching if not already here. Don’t miss this opportunity to buy your vacation property. Plan wisely and take advantage of the buyers market.
