In both Spain and Portugal the interest of finding a bargain and a property in the sun seem unshaken. While some claim the economic downturn will impact the property market more than others. In this article MiMove look into a few different voices and refer those to our own statistics.
Different voices – Spanish property market
First out is Bloomberg which seem to have the most bleak outlook. In the article they argue that Spain might face another property crash. Mainly referencing economists tying the general economic downturn with the property market. However Spanish Property Insights contradict this with their recent survey. Which also echo our own MiMove Survey which says the same thing; namely that interest is not down, in fact it is even higher than last year in equivalent time. They follow up this survey with another article arguing that people are more hesitant yes, but that the actual interest is just as high as ever.
British Rightmove further highlight the surge. Citing mainly a high demand for sun, comfort, and relaxing time at the beach after lock-down as main reason.
While the Olive Press, an English Expat paper, also point out the upward moving trend. In their case for properties and bargain in the Balearic islands.
Another voice comes from Reuters putting forward several statistics. Bloomberg seemingly claiming that the Spanish property market could drop a few percentage.
Reuters view is emphasised by one of MiMove’s competitors, Idealista. In their read article here they argue that although the downturn in Spanish economy will impact Spanish buyers, it is unlikely to impact foreigners as much.
From MiMove, as stated above, we see no drop in interest. Some properties have been reduced in price, and the number of direct enquires did go down during the virus lock-down. However the number of visitors, the time they spend on our site, and the number of properties they look at has gone way up. Especially now during June. Month of June is looking even better than 2019. This might have to do with MiMove mainly being an international portal – we have fewer Spanish national visiting us than most of our competitors. But even if that is the case our outlook is very positive. Also we do not see a drop in prices, although there are certain exceptions. (Subscribe to our newsletter to get updates of big price changes)
At the end of the day it seem like prices have gone down and might go down slightly more. However since the interest remain and the international market is unlikely to drop; the time to make a good property deal is now!
Seeing how Spanish property market has developed over time – you can read MiMove property statistics here – and the big, and exponentially increasing, interest, we at MiMove predict this to be small bump in the road for international buyers. Which means, if we are correct, that if you want to find a bargain you cannot wait long. It is very likely that the prices will go back already in Q3 and continue up in Q4.