the buyers has new aspect
The luxury market is performing strongly with multiple sales of villas with large price tickets, the buyers has some new aspects. We feel this is partly as a result of the COVID situation. People have become aware that life is both short and precious, and this in turn has inspired people to enjoy a better quality of life, the buyers has new aspect
holiday home segment
On the other end of the scale, the value market and inexpensive holiday home segment has also performed strongly. Although not such a prevalent market in Marbella, agents from other areas of the Costa del Sol have also reported a flurry of activity since the quarantine restrictions were eased.
Some segments are more active - House with garden and pool
Although not sold by our company, we are aware of the sales of at least six properties with price tags above 10M€ having been sold in the last months. Some of these have been on the market for several years, so it came as somewhat of a surprise to see so many sell in such a short space of time. Some market segments seem to be actually more active since our emergence from quarantine. We have more request for private houses with garden and pool, for villas with larger plots among the buyers and the potential tenants as well. The value of the quality of life is higher than before.
Boom - After the quarantine
About the only notable negative impact on the property market has been that of bank lending.
It is not so much the interest levels have changed with any significance but more that the banks are lending less and asking for more security. One client of ours who had purchased an apartment off-plan was told at the time of purchase that the bank would offer to finance 70% of his purchase cost.
After the quarantine ended and he was preparing to sign for his new property, the bank told him that due to the COVID situation, they had reduced their offer to only 60% finance. Travel restrictions are also stifling the market from regaining its previous strength. We have several clients that are eager to come here to buy a property but are simply unable to because of travel or quarantine restrictions. Hopefully, this will soon end.
Healthy lifestyle and high level of services
Marbella, with its wonderful climate, open green areas and advanced infrastructure is an obvious choice to enable this. From talking to our recent clients about why they are looking to purchase a property here, many have cited Marbella as a more agreeable place to be confined in the event of a second wave. Others have taken the decision to relocate here permanently for similar reasons.
The healthy lifestyle coupled with a high level of services and communications makes Marbella an ideal location for many businessmen.
One thing COVID has taught us is, that it is possible to continue working while being confined and we see this from recent client requirements. Almost all are now searching for homes that offer office space and fiber optic internet connections.
Worry about the second wave
Of course we are not out of the woods yet and the recent surge in new cases gives all of us cause to worry, but life goes on and we have to move with it. Whatever, your opinion on the COVID situation, most of us now accept that it is not going anywhere soon and we have to learn how to live with it. I think most governments now realise that having a second lockdown would spell disaster for their economy and has to be avoided at all costs. I think the new aspect of the buyers is a trend, that will continue in the future