Has the property market changed after Covid?
Yes, would be the short answer to this question.
But as we all know – the whole world was heavily struck by the Covid-19 pandemic back in 2020 and we are finally seeing some light in the end of the tunnel. Like for many other industries, the pandemic hit the property market quite remarkably, but since the gradual opening in Costa Del Sol the market has finally started to boost again.
What exactly has changed?
Surprisingly, the demand for a second home in Marbella is higher than ever before and as an effect of the pandemic, more people seem to value the quality of life far more than pre-covid. Another thing that cannot go unnoticed is that the buyers tend to be a lot younger than previously, now it is mainly families in their forties that tends to relocate permanently as they are working remotely and more independently.
During covid, the hardest challenge was evidently the restrictions on international travel, which meant that the buyers were unable to view the properties. This led to realtors having to adapt to a new way of working and technical developments had to be put in place. Virtual viewings, live streaming sessions and online meetings became a reality and even though buyers are unlikely to purchase a property without seeing it in person, a virtual viewing did help them to draw up a shortlist of properties to view once the restrictions have been lifted. The recovery period of the real estate market is more or less in full swing, and if the demand continues to rise, it could potentially mean that there will be a too high pressure on the market which would lead to house prices continuing to rise.
“So, are buyers looking for anything different than before?”
“Yes”, answers Michael Liggan, Director of Altavista Property, in his interview with the Essential Magazine in Marbella. According to Mr. Liggan, “The buyers still want stylish modern properties with attractive lifestyle amenities, open-plan interiors, and a good location, but more important than ever are also space green zones, proximity to amenities as well as nature, and areas that can be used as office space”.
“What will the final impact of Covid be for the Costa del Sol real estate market?”
As Michael Liggan continues in the article by saying “Firstly, a release of pent-up and lifestyle-driven demand, but in the long term it will further emphasise the quality of life this region offers and have pushed the property sector into the future.” Beyond this he believes that we will return to many of the factors that dominated the market before Covid, and of course some things- such as quality of location, property, and service – will never change.
Read the full article on the Essential Magazines website here.