Dream of property in Spain is alive despite virus

MiMove on 2020-05-08

In April, MiMove conducted a survey amongst our visitors to get to know what they think about the future of properties in Spain and Portugal. Do we still long and dream for a home in the sun or are we more content at home after this virus scare? And if we do want to buy something, what would it be?

More than 500 people responded and 88 per cent are interested in buying in the sun despite Spain being extra hit by the sickness. That isn’t perhaps so remarkable as most of the respondents are after all subscribers to the MiMimove’s newsletter.

penthouse Costa del sol
Sick do not matter

However, what is remarkable is the large number of respondents that say that they are even more interested in buying now than before the virus outbreak. Especially in the UK where the majority of the respondents said they are more interested now. One of the comments was:

“The virus situation makes you think about what is important. Don’t postpone your dreams, you don’t know what is happening tomorrow”

About 20 per cent responded that they are looking to buy a property within the next 12 months.

Apartment or villa?

The survey shows that the UK buyers (and others responding in English) are mostly interested in villas whereas the Swedes are more interested in an apartment.

And there are 6 factors we are most concerned with when looking for a property in the Sun, regardless of nationality.

  1. Location
  2. Price
  3. Outdoor space
  4. Access to a pool
  5. Closeness to bars and restaurants
  6. Closeness to a beach

About half of the respondents said they have a budget of €200 000 to spend on their dream property. Another, almost 30 per cent has a budget of between €200 000 and €500 000.

penthouse Marbella mimove
Dream Home – Spain

Positive outlook

Regarding the property market going forward after Corona, especially in Spain, a majority believes that the prices are going down, the supply of properties will go up and the demand will go down. But in Portugal too sickness and virus do not seem to be a negative factor.

This, however, doesn’t really fit with what people are saying they will do. Perhaps one thinks that others will be affected more or differently than oneself?

Recently, MiMove also conducted a survey amongst our affiliated estate agents and they also have a positive outlook and believe that yes, everyone will be affected but the market will soon be back on track. The demand for properties in popular areas is still very strong.

Should you wish to have a closer look at the reports you can download them here: The Consumer report and the Estate agent report