Prices are said to be coming down.

10-08-2016Teresa Ayuga

The coronavirus crisis is having an impact on the property market - both sales and rentals. Prices are said to be coming down; by up to ten per cent in some instances.

However, the possibilities of getting a bargain are virtually impossible. Natalia Bueno, president of the College of Real Estate Agents asks: "How can anyone make a visit to see a property, sign a contract or receive keys, when there is the state of emergency?" Everything has come to a standstill, she says, pointing to the fact that rental and sales contracts in time for the season have been put on hold.

Uncertainty surrounds the sector. "We don't know if this will last a month or a year," she says, adding that - in her opinion - it is too early to start seeing real reductions in prices. "There has been little more than a week of confinement so far."

Property websites, she notes, are reporting a thirty per cent decrease in traffic. Online viewing will continue to fall, she believes. In the meantime, and as there has been this 30% slump, websites are being asked to drop their rates by the same percentage.


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