Could now be the perfect time for you to start you property search?
The diverse effects of the current situation are already apparent on the Costa Del Sol. We are witnessing an abundance of long term rentals hitting the market where holiday rentals once were. Many investors have already taken the decision to offer long term rentals rather than short term lets and will certainly be edging their bets.
Are these rash decisions? Well, if the owner relies on that income to service the cost’s, perhaps it’s the only decision!
Questions arise, whether all vacant properties will be rented long term? And if not what will the owners do next?
Sellers on the Costa Del Sol are left with a choice of taking their property off the market or to expect largely reduced offers from investors and speculators taking advantage of the situation. In recent days we are also observing the banks releasing stock that had previously disappeared, now at hugely reduced prices.
The market is surely showing signs of desperation!
Demand for holiday homes will depend on other countries accessibility of our famous holiday destination. Local markets and buyers may well be able to take advantage of the situation if they are in position. However, with a lot of the workforce reliant on tourism and 2020 looking unlikely to be accepting the record-breaking numbers of holiday makers it had over the previous 3 years… the situation looks bleak.
However, this brings GOOD news…
... and could prove very beneficial for you!
Have you always dreamed of a second home or relocating to the Costa del Sol, perhaps this time has given you a new focus on what is important. Has the confinement and isolation given you the mindset of “you only live once”? Therefore encouraging an acceleration of your plans. You wouldn’t be the only one! Statistics are showing a noticeable increase in the amount of searches for Spanish property from outside of Spain.
The experience and ability of having to work remotely in recent months has proven a success for many, and shall continue to be the norm for the future, making the prospect of moving now a much more viable one.
Nobody saw this terrible situation coming, and nobody can predict the outcome, however the above indicators show a shift towards prices coming down! What generally follows are the bargain hunters and speculators.
Agents and developers have ramped up their marketing to reflect this, discounted properties, refundable deposits subject to viewing, free furniture packs, virtual tours/visits, as well as a whole host of incentives to make the decision making process a lot easier.
Local government’s are also looking into incentivising various sectors as to try not to lose too much momentum of what was a thriving economy before lock-downs began.
There has never been so much available product on the market to choose from, and despite various sales tactics, buyers can now afford to be choosy. Compromise will no longer be a word used when negotiating deals. Purchasers needs, wants and desires can be fulfilled with the correct research and educated negotiating.
Use lockdown to your advantage and start your research now, browse property sites and plan your next move once the opportunity presents itself again.
The team at My Costa Casa are here to assist you with your search. We will source properties perfect for you and line them up for when you are able to visit.