Properties with terraces attracting increased interest.

23-05-2020Archive

Since the de-escalation of the state of alarm started, estate agencies in the Balearics are reporting a revival of interest but wonder if this is just short-term.

In the first week of Phase 1, the Balearic Association of Real Estate Services (ABSI) says that things were "relatively hopeful". Potential buyers had been spending the weeks of confinement consulting websites, and with an easing of lockdown they were encouraged to book appointments to view properties.

The association adds a cautionary note, observing that everything will depend upon the control of the virus and economic recovery over the coming months. The interest shown so far, the association suggests, may be as a result of people who needed to move. Consequently, a good deal of demand has been concentrated into a couple of weeks.

Natalia Bueno, president of the API College of Real Estate Agents, notes that there is increased interest in properties with terraces and in the countryside. This has included interest in renting countryside properties of 1,000 euros a month or more. There has also been demand for rented properties of lower than 800 euros.

She believes that it is too early to say how demand in general is evolving, but adds that "there are people who need to sell, as there are those who are having a very bad time". "The tendency will be to dispose of real estate." This may well lead to a fall in prices, though the ABSI reckons that this will not be significant. Sales that have been completed since de-escalation started have maintained the pre-crisis prices.

Bueno would like to see a reduction in taxes, wondering if it would be right "if the government were to raise money by taking advantage of the impoverishment of people who need to sell their properties as a result of the pandemic."

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