Several predictions from real estate experts agree that the Spanish market will recover in 2021 – 2022, Noticia reports.
One of the largest developers of the UK Taylor Wimpey predicts a complete recovery of the Spanish resort real estate market in 2022.
Spanish Association for Value Analysis (AEV) in collaboration with the University of Alicante and real estate market experts concluded that the recovery of prices for Spanish homes will require at least three quarters. In the case of a third wave of coronavirus does not exclude the fall in prices until 2023.
Experts note that the demand for secondary real estate in Spain has fallen by almost half, with many buyers are taking a mortgage. Prices for new construction are already recovering, their share in sales is growing, say the authors of the report. The current level of prices and demand for new housing is expected to remain in the short term. The popularity of new buildings experts explain the more favorable terms of purchase.
One of the largest Spanish banks BBVA predicts that the secondary housing market in Spain will recover in the second half of 2021.
“Monthly home sales in the last quarter of this year are around the level of 2019. However, between January and September, the decline was 21.6% year-on-year,” the experts say. They also predict a full recovery in sales by the end of 2021.
The fall in prices for the Spanish housing in 2020 will be 1.5%, mainly due to the secondary, experts believe the Bank. And in 2021, is expected to stabilize prices and possible recovery to the second half of the year.
Analysts note that the main drivers of growth in the Spanish housing market next year will be an improved economic situation, job recovery and attractive financing conditions. Among the restraining factors are, above all, uncertainty about the pandemic and the slow recovery of external demand.