After COVID-19, the price of housing will fall, interest in homes and floors with terraces will increase, and young people will receive more support in mortgage loans.
The reactivation of the post-Covid-19 property sector presents a new favourable outlook for real estate investments. Confiring and teleworking have created new needs for current purchasers. Those who value aspects of housing that they previously believed to be expendable for household welfare.
Most demand property post-Covid-19
Due to concerns over a new relapse, several portals have recorded a significant increase in visits to more luminous, energy-efficient housing with access to gardens or terraces. Photocase, for example, highlights an increase of 46% on rustic housing searches. When the most common was to receive this type of consultation on chalets or terraced houses near large urbs.
The growing interest in real estate investments is also reflected in consumer confidence index (CIS) data. Where it is claimed that about 9% of Spaniards want to acquire a new home after the pandemic. Above all, young people between the ages of 25 and 35, who could benefit from increased access to mortgage loans, as reported by the Economist on their portal.
They lower prices and increase property investments
Another factor that will reactivate the sector is the lowering of the square meter price in second-hand housing. The Euroval tax payer and its Institute for Immobility Analysis (INSTAI) state that the price of housing will fall from 3% to 5.5% by 2020. "The average price of the square meter at national level will fall to EUR 1.606 in the four quarter of 2020, up to EUR 1.563 in the fourth quarter of 2021 and EUR 1.570 in the fourth quarter of 2022," they explain for the idealistic portal.
In addition, we must take into account the urgency of selling off individuals affected by the Coronavirus crisis and the loss of a foreign purchaser in the residential coastal market. That is why more than half of the real estate professionals are optimistic about moderate growth in purchasing operations; according to the I Barometer Immobile carried out by the Immobile Credit Union (UCI) and SIRA.
Tips for buying a home on the downscale
Thanks to the new digital tools, interest in real estate investments has remained stable during alarm status. Although everything points to the fact that the market will be revived in the coming months, we must not rush into buying a house without taking the following points into account:
Comparing the offer in online searches: real estate workers worked during the alarm state to improve the display of real estate. Now you have videos, 360th virtual tours and telematic advice, among others.
Analyzing zone potential: location is now more important than ever. Access to services such as supermarkets, schools, means of transport or health centres will therefore become a prerequisite.
It examines the level of energy efficiency: the most sought-after housing post-Covid19 is the one that provides the most saving and comfort. Don't forget to check the natural light entrance and the year of construction.
Find the right time for negotiation: you can now do most of the mortgages at distance and with digital signature. Take your time.
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