The company reviews the impact of the COVID-19 pandemic in the country's property sector and predicts the evolution in 2021 that will arise excellent opportunities to buy a property in Barcelona.
Despite the Spanish economic output fall, the real estate sector in Spain is supported by a much stronger foundation than during the previous crisis of 2008. Comparing average prices to November 2014, the year of the last property turnaround, prices are up by 13.5% but are still 9% below the average figures of November 2008, the year when prices peaked prior to the last crisis.
Prices will undergo an important adjustment because of the drop in demand. Some forecasters are predicting that by the end of 2021 they could be 16% below their pre-COVID level in some areas. Low interest rates are likely to continue, so this should help to find great opportunities when looking for properties for sale in Barcelona.
Cash buyers and investors should be able to see a return on their investment in a not too distant future by taking advantage of the drop in prices by 2021. According to Francisco Nathurmal, the CEO of Bcn Advisors: "2021 will see a market of necessities. There will be sellers who choose to wait but there will be other ones who will need to sell, providing an opportunity for buyers and investors. The 3Ds -Death, Debt and Divorce- will trigger these sales in many cases."
BUYER'S NEW TRENDS
The current pandemic has changed different aspects of our lives and also where we want to live. We've never spent so much time in our homes, so there will be greater demand for properties in city suburbs or close to green areas. In urban locations, apartments with terraces or courtyards will be very appreciated. More spacious and comfortable properties will also be highly sought-after. The home-office will become a standard feature in properties as more people continue to work remotely. As we move into a more sustainable era, the demand for self-sufficient, modern homes will increase.
"We must be able to turn the current challenges into opportunities but I firmly believe that Bricks and Mortar will continue to be regarded as one of the most stable investments in an unstable environment," concludes Francisco Nathurmal.