Property buyers flock to Spain and Portugal despite virus

MiMove on 2020-05-24

Almost 90% of surveyed ‘international’ buyers, including from the UK, still plan to buy a property in Spain or Portugal despite the Covid-19 virus. This according to a recent survey conducted by Mediterranean property portal, MiMove provide a safe marketplace for verified homes in Spain and Portugal.

Key findings

  •  A vast majority of ‘international’ buyers still plan to buy a home in Spain or Portugal despite the virus (88.7%).
  •  Half of the buyers are more interested buying now then before lockdown.
  •  85% have a budget of up to €500,000.
  •  87.5% believe that property prices will fall within the next 6-12 months.
  •  Location, price, and outdoor space are the top three most important factors.
  •  A majority seek a detached villa over an apartment or townhouse.
Spain Marbella Property
Beautiful Marbella, Spain, is still attractive for property buyers

Intent of property buyers in Spain & Portugal

The aim of the survey, which took place in the midst of lockdown, was to see if the Covid-19 virus is having an impact on those seeking a place in the Mediterranean sun. Covering a variety of factors such as planned purchase timelines, property type, budget and price predictions. attracted 521 respondents in total – the majority being British – with some encouraging results. Two identical surveys were released – one to Scandinavian buyers, and the other to ‘international’ buyers which include UK and Spain.

Among the international buyers only 4.3% said they are looking to a buy a property within the next three months, 8.51% within six and 14.2% within a year. 61.7% want to buy, but are not sure when. 11.4% are stopping their property search altogether.

When asked how affected they were by the virus; 50.74% confirmed they are more interested in purchasing now than they were before lockdown. While 25.37% have been deterred. The remaining number said they didn’t feel any different.

Property prices & details

In terms of prices; 87.5% of international buyers surveyed believe they will decrease temporarily. Offering a short to medium-term window of opportunity to find themselves a property in sought after locations. Properties they may not have been able to afford before, or to secure something bigger for their money.

When asked about supply and demand, 76.1% expect buyer demand to fall, whilst almost 70% predict increase in number of properties for sale.

Location, price, outdoor space and access to a pool are at the top of the list of what is most important when looking for a home in the sun.

46% seek a detached villa, 32% an apartment and 23% a townhouse.

Costa Blanca life
Wonderful Costa Blanca livestyle attracts UK citizens despite virus

Marcus Surtén, CEO MiMove Spain, commented:  “Nobody knows for certain what will happen in the future, especially not in times like these. However, it definitely feels like that the Mediterranean dream is still alive through the increased viewings we have had to our portal over recent weeks. Findings from our recent MiMove Consumer Survey Report also confirms this. Particularly the British who make up the majority of our ‘international’ buyers. Obviously, our carefully vetted network of estate agents can’t show properties yet to UK buyers. Although uncertainty is highly present at the moment, and the market will most likely take a temporary hit, we are confident that it won’t be long before buyers and sellers find each other again.”

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