The Spanish Property Market – Previous Past and Upcoming Future

MiMove on 2020-11-06

The property market is always slightly fluctuating. In times of uncertainty the question of how significant the fluctuations are becomes even more interesting. It’s commonly known that buying property normally is an investment. While some people are less willing to make big decisions during times of crisis, others find opportunities during these times.

This year has been a turmoil and quite overwhelming for most of us. The tourism sector for example has suffered a tremendous economic downfall. With less people visiting Spain and fewer apartments being leased during the summer season, you might think that the estate sector consequently would have become stagnant. Let’s have a look at the numbers and see what they say. 

The Evolution of Buying and Selling Property in Spain

Below is a graph telling us the evolution of the buying and selling of properties in Spain over the past 13 years. As we can see, there was a bit of a dip between January and June 2020. The number was at 46,927 sold properties in January which fell down to 22,394 in June 2020. Although, the numbers are slowly but steadily going up again and in August it had already risen to 31,394. In comparison to earlier years, the lowest number for 2020 is so far still higher than the lows of some of the previous years. 

The average price per square meter in Spain was at €1,742 in September 2020. The more expensive regions are the Balearic Islands (Mallorca, Menorca, Ibiza) that lay around € 3,000 per square meter. The cheapest area is Castilla-La Mancha with around € 850 per square meter. Here is a list of all the regions’ prices. 

There was a slight dip in price in June 2020 and since then the prices are gradually moving up. We saw the same prices in July 2018 as in June 2020. The ones who bought property during this time had the best chances of making a good deal. As of now it doesn’t look like this year will get any more drastic changes on the market.

What About the Future?  

It’s always difficult to predict the future. Even without dramatic events like we’ve had this year it can be complicated to know exactly what will happen. What we do know is that real estate is one of the very few sectors that are safe to invest in. The estate prices are consistantly moving up slowly.

At MiMove, we believe that if you find a home at a good price in the right location, a temporary crisis should not stand in your way! Looking back at previous economic crisis, the prices don’t stay low for long – the time to buy is now! 

The future is near!

Estate and Technology

What we do believe will be crucial for the estate agents is to keep up with the technology. As virtual home visits and drone views of properties are becoming more popular, we see a growing trend which we intend to follow. Especially for a platform whose main target market are people from abroad, we see it as a must to invest in solutions that make remote house hunting simple and easy. The VR- and drone company FastOut recently agreed on coorporation with MiMove and we are excited to soon be able to offer the best technology for our visitors.

The global real estate market is experiencing growth in technology investment that is equivalent to 50% per year and the numbers are increasing exponentially. This will completely change the housing industry. Not only for the sales part, but also in relation to construction, administration and rent. The changes will also be experienced in Spain in the coming months and years.

Visiting Properties with Virtual Reality

MiMove Guarantees

In the end it’s up to each individual and what is best due to personal circumstances. We want to encourage everyone to live the life that they want and take advantage of what is being offered. If you’re looking for a home in Spain or Portugal, we offer a number of different guarantees that are hard to find on any other property portal. MiMove guarantees following:

  • Our affiliated and controlled estate agents working on the Spanish or Portuguese market are true professionals.
  • That the property information and prices are updated with the latest information.
  • That all properties on our platform are registered in the National Land Registry.
  • Our marketplace is free from duplicates. 

Read more about our guarantees here.

Other Functions on MiMove.com

If you’re interested in knowing about any price changes and you’re curious about the final price of a property, you click on “Alert price changes & final price” right below the price in the advert:

Receive updates about the price of a property

 

You can also save the filter in your search on MiMove.com and receive notifications when new similar properties with your desired attributes come in on our portal. To save your filter, click the red bell in the filter:

Time to Retire in Spain?

 

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