How did you spend your months in lock down? Did you watch Tiger King on Netflix and take part in one too many Zoom quizzes? Learn to bake or gain a few pounds eating someone else's baking efforts? Or perhaps you were busy virtually hunting for your perfect Spanish home using the power of the internet? After all, what better way to spend lockdown than to make plans for the future, and imagine what life would look like if you had a Spanish bolt hole of your own!
Spain’s Most Desirable Locations
If you did spend lock down scanning the listings then you’re not alone: during May 2020, property searches originating in the UK for properties in Spain (particularly in desirable locations such as the Costa del Sol) were 34% higher than property searches in May 2019. And it wasn’t just Spain Brits are dreaming of, with searches for homes in France increased by 33% year on year.
The regions of Spain that received the most search were Costa Del Sol locations including cities such as Malaga and Marbella and towns such as Torremolinos. This is no surprise, given that the Costa Del Sol is the most important property markets in Spain, in terms of foreign buyers. But it does have the potential to be very good news for homeowners that are hoping to sell properties in these areas.
A Rising Market
It’s important to note that Covid-19 has negatively impacted almost every aspect of the economy, including both the travel industry and the property market. And there is no denying that lockdown was a difficult time for the property market in Spain, and in the Costa del Sol. With agents unable to show properties and confinement preventing the property market from functioning in any meaningful way, sales in the region dropped to almost zero for a time. Yet despite this, the property market in the Costa Del Sol has advantages that the industry in other parts of Spain doesn’t have – active overseas buyers, and the ability to bottom out of the negative cycle before any other region, in particular.
Sustained interest from foreign buyers is what will drive the property market in the Costa del Sol, and there are several good reasons for that. Firstly, estate agents in the region are used to working remotely and sharing the details of a property virtually, so the fact that Britons have not yet begun returning to Spain doesn’t pose an obstacle. Secondly, being unable to travel overseas on holiday right now means that many Brits are looking to both use their holiday budget to put down roots in one location and invest in holiday homes to ensure that their future holidays are secured.
An Appealing Location
The fact is that, even during a pandemic, the Costa Del Sol is the kind of location that appeals to Britons. With or without the emergent virus, it will always offer the climate, the lifestyle, the friendly ex pat communities and the local Spanish culture that Britons looking to move overseas will always be looking for. The list of reasons to take the plunge and invest in property here is near endless: year round sunshine, world class golf courses and convenient transport links back to the UK are all at the top of the list. The beaches, bar culture, and excellent al fresco dining options are also well worth consideration. Not to mention the value of owning a property with outdoor space and even your own pool, particularly if a second virus wave does strike. After all, if you’re going to be locked down, what better place to be locked down?
The Costa Del Sol property market has been attractive to Britons for generations, and it doesn’t look like that is set to change any time soon. And with interest in properties in the area experiencing an uptick, there is no better time to invest in your dream Costa del Sol property than right now.
Finally, before the COVID-19 crisis, the Costa del Sol property market sat on a firm base of sustained demand, moderate price rises and contained supply. That means that it is coming out of lock down from a firm position, rather than from an already weakened one, meaning that it will be much easier for the market to recover.
Are you thinking of making your lockdown dreams a reality and buying a property in Spain? Why not let our locally based property experts help you! We’re perfectly placed to find the right property for you. Get in touch with our team today.