Since there’s some uncertainty around property investments and the markets around the world because of COVID-19, you might be wondering if it’s worth waiting until 2021 to start house hunting – especially if you’re considering buying in a location like the Costa del Sol and you’re unsure if there will be any extra requirements or restrictions.
Whether you’re hoping to purchase a holiday home or you want to make a profit from a buy to let property, it’s worth taking a few moments to learn a bit more about the current situation and what could be the ideal next step for you.
The facts that could help you make your next move
To make the right decision, you’re going to need to understand the situation and everything that’s going on. With the proper information, you can start to make plans and see what your potential options are. Here are a few of the things that you should ask yourself:
How was Spain’s property market impacted by the pandemic initially?
Spain has been one of the most affected countries of the pandemic, and the travel restrictions and lockdowns that were put into place have worked to stunt the growth of the economy in many sectors.
In relation to the property market initially, many foreign investors were unable to continue with the plans that they had set in place. This means that some developments had to be put on hold, and many people who were interested in purchasing a house here were no longer able to make the trip over to view properties.
What about the long-term effects of COVID-19 on housing in Spain?
While we can’t know for sure what the future of the country’s housing market will look like, we can contemplate what might happen. With an increase in property stock and a reduced demand (due to the fact that less people are as confident to buy), it’s likely that the costs are going to lower as time goes on. This can be a great opportunity for buyers. When the worst is over though, there’s a good chance that things are going to recover quickly, which could be excellent for investors who want to purchase now and sell later.
What should foreign investors do?
For the most part, the best advice is to keep moving forward with potential investments and exchange contracts as soon as possible. Why? Overall, people predict that there will be a second wave coming soon, and it’s going to be far better to get transactions underway before next Autumn (especially with the predicted lower housing prices considered). Keep this in mind if you’re unsure about what to do, because there is a chance that things will return to normal and prices will begin increasing as a result.
The marketplace is often one of the safest bets for investment opportunities
It might also be worth remembering that despite everything that’s going on, this is one of the best places for any investor to put their money during such a strange and complicated situation where the economy suffers. Even if you may not get a return just yet, once things pick back up, you could make an excellent profit – and who knows, you may not have that much time to take advantage of the current effects before things start to gain traction and end up much the same as they were before.
Should you wait until 2021?
While it’s completely up to you, it is definitely worth considering making your transactions sooner rather than later. This is especially true for anyone planning on buying a house in Málaga, or any part of the luxury costal region known as the Costa del Sol. Whether you’re interested in the best private homes Marbella has to offer, or you’re more keen on the amazing beachfront apartments in Puerto Banús; we’re here to help you to find the ideal property and make the best decision for your needs.
Living on the Costa del Sol is an experience that you’re sure to love, which is why our team here at Luxury Property Finder Marbella are so keen to help our clients find the very best homes in this stunning destination.
In general, anyone looking for the best bargain Spanish property for sale in this area can rely on our team to put in the effort and find them a dream home that suits their budget; with skill, expertise and inside knowledge that’s exclusive to the region.
