The Spanish property market after COVID-19

The Spanish property market after COVID-19

During these difficult times you may not be thinking about the Spanish property market, I know our team at GMT International Properties has been focused on a million and one other things. The fact is that the extent of this pandemic has taken everybody by surprise. However, we do have some great news for you. As you well know, many countries are starting to relax their restrictions and hopefully things will go back to normal in the next few months.

With regards to Spain, these measures are working properly and the economy is starting to function again after several months of extreme uncertainty. We’re stopping for a moment to address the main question that has been presented to us and our clients at this moment.

What has happened with the Spanish property market? Will property prices be affected? What does this mean for British Expats in Scotland and Across the UK purchasing international Property?

The Spanish property market has taken a turn for the worst as there is a significantly limited list of potential buyers due to the international lockdown regulations in europe. Due to a reduction of flights landing in Spain and essential travel only, many potential clients won't be able to purchase a property, But there is some very good news during these difficult times.

According to many Spanish economists, media outlets and websites including idealista.com, it is suggested that in the short and medium-term there could be a sizable drop in housing prices from anywhere between nine and twenty percent with even greater potential in key markets.

So if you’re not too distracted by the latest Netflix or Disney + release to start your research on the ideal location in spain, now is the time to start considering an investment in the Spanish property market while the price is down as this reduction likely will not last long.

During this time, you should stay safe at home and follow your government's advice, however, there is no harm in doing a little bit of research online to see what is available and if any prices have been reduced. You can start here by exploring some of our favourite locations and cities across the country including Benidorm, Calpe and Finestrat.