PROPERTY MARKET UPDATE 1st QUARTER 2020
First of all, my heart goes out to everyone that has been, and continues to be, directly affected by the Coronavirus pandemic. This is an insane time right now, but know it will come to an end, and that we are all in this together. Continue to stay safe and stay strong.
With that being said, we’re now in April with the first quarter of 2020 behind us. It’ll be no surprise to learn the local property market quite
literally came to a halt, at the end of the first quarter thanks to the Coronavirus Covid-19 pandemic.
The start of the year however, began quite strong, with 75% of buyers purchasing holiday homes, followed by 15% snapping up those investment opportunities, leaving 10% buying with the intention on relocating here permanently.
Cash or credit? Well, 90% of property sales so far in 2020 have been “money in the bank deals,” with only 10% requiring mortgages. This was a solid indication that property sales were headed on an upward scale, of which would have meant property prices would have been on the increase.
Predictions as we start the second quarter however, depend on how long we’re in lockdown. It really is hard to predict at the moment in these unprecedented times, however the world did not come to a halt because of a financial recession. So I am expecting it to bounce back quicker, once everyone can get back to some form of normality. Time will tell! But, with current interest rates so incredibly low, this will give buyers confidence to start investing in property again.
The most important thing to do right now is, to stay safe! But it certainly can’t stop you from starting your property search online!
What better excuse do you need to buy a home, than to finally gather your family together, after being kept apart for so long?
To get a head start in your property search, you can log on to www.homes4u.es for a selection of legal, resale homes for sale.