About a month ago, MiMove were the first in Spain to introduce a special feature on the site called the “Alert for Price Changes & Final Price”. This feature has rapidly increased in popularity, more so than expected. It didn’t take us long to figure out why.
While we are living in quite uncertain times, many people’s lives and plans seem to continue regardless. There’s is still an interest in properties in Spain, and because of the current world situation, people seem to be even more curious about the housing prices.
How Does it Work?
The price alert function on mimove.com allows you to get information about any price changes and the final price of a listed property. Click on the hyperlink “Alert Price Changes & Final Price” underneath the price on your listing of interest (among ‘facts’ on the listing – see example highlighted below in the picture). Then insert your email address and send!
Once you’ve submitted your email address, the estate agency that handles the property of your interest is responsible to send you alerts of price changes and/or inform you about the final selling price. This information might be sent to you once, several times, or perhaps only once the final price has been set. (Please note that the seller might not want to disclose the final selling price.)
This function will give you both continuous information about any price fluctuations, but most importantly give you the final price once the property has been sold (unless you bought it). It’s a good way of keeping your ear to the ground and at the same time build an early relationship with a professional estate agency in case of future purchase.
Housing Prices in Spain
While it is true that there have been properties that have changed from tourist rental to “normal” rental, their influence is not as vast as predicted. As Lola Alcover, General Secretary of the General Council of the Official Associations of Real Estate Agents of Spain, says to Fotocasa in August 2020, “We also see in a survey that the demand is maintained and supply has not risen much. Therefore, it seems that prices will also remain quite stable”.
According to Stock Crowd IN we will see a variation of sale prices. Until now we have been experiencing an increase in prices, but it is likely that they will adjust depending on various factors like the economic measures taken by the Government and the European Union, unemployment and interest rates.
In July 2020, La Vanguardia stated that according to the latest CaixaBank Research estate report, the estate sector has much stronger fundamentals than during the previous crisis in 2008. Although, their research also estimated that property sales, especially on the domestic Spanish market, in the range between €300,000 and €350,000 could possibly fall in 2020. It’s however less certain that this will occur on the international market with buyers buying in Spain. Prices in this group tend to stay much more stable.
More information and statistics on tinsa.com.
Economy Fluctuations Don’t Stop Us
It’s no secret that the Spanish economy isn’t doing great right now due to all the restrictions and quarantines etc that the government has imposed. Tourism has been very limited due to the pandemic situation. Although, when major economic crises occur, the real estate market tends to become a safe haven sector for investors. This is because it’s still a steadier sector than many others. And many investors prefer a fluctuating market since it make it easier to make great deals.
To conclude the above; it’s still safe to buy property in Spain as an investment. Perhaps even more so today since prices are either remaining still for several months or going down slightly. Seen over time, especially in Spain, the property prices have been going up quite a lot year after year. Although, suddenly they are stable which is a great opportunity for investors and buyers.
Although future adjustments are difficult to predict, if you are like us at MiMove, we love the climate and lifestyle in Spain regardless of periods of crisis – which will always come and go all throughout life. We just have to do the best we can to live our lives the way that we want – and where we want. With stable or slightly lower prices; the time to invest is now!