Everyday our clients are asking us about what effects the pandemic and the subsequent lock down have had and is continuing to have on the Costa del Sol property market.
Anyone with his or her nose to the ground at this time will have noticed that it is harder to smell with your mouth and nose covered. No, seriously. Those who are paying attention will have witnessed a spring in the step of property agents and vendors alike here in the wider area of Marrbella.. One thing is for sure, there is a robust and unforeseen return of interest in the Cost del Sol. Reasons for this are varied. Having been locked down in their own homes for endless weeks, many potential buyers all over the world have had time to consider what is truly important to them in terms of a their lives and their families. Having the opportunity to get out of bed in the morning and dispense of a tedious and depressing work commute in the grey dank skies of short days in northern Europe has been a revelation that has led to many wondering what it most important to them. Others feel that if, as we re told, the presence of pandemics is going to continue within our societies, then the immediate surroundings in which we place ourselves should be carefully considered and chosen to ensure the quality of life that we aspire to.
Will the experience of the last few months have changed our priorities?
Unquestionably, our lives are becoming more digitised. Working from home was once considered to be unmanageable for most companies, but the last months have proved how productive this can be. Removing the emphasis on a regimented clock in and clock out routine has shown that we as individuals tasked with our responsibilities no longer need to be nannied by bosses and their restrictive obligations.
Infact the idea of being liberated to such an extent that we can enjoy our lives much more without the bureacracy and controls that we have become so accustomed to is opening doors to new ways of living in so many different aspects, with the increasing emphasis on home working, easy face-to-face meetings using digital technology, and in the real estate sector the use of virtual tours. There are significant changes coming which will enhance the lives of individual workers and have a smaller impact on the resources that we use so greedily as consumers.
Are you a property owner?
Many owners are wondering about what to do with their properties. The lucrative income that has been possible during previous summers from the short term rental market has been curtailed this year. Those with second homes in the wider Marbella area are concerned as to what to do with a property that is not bringing in the return that they need to justify the ownership. Should they expect to sell? Drop the price? Stay the same and hold tight? Many are suggesting that property prices are falling, due to a direct result of the pandemic.
Our opinion is that for the time being there is not going to be much change in property prices, A wider overview indicates that global economic markets are going to impact on prices here and elsewhere. But this will not be in the immediate future. Perhaps in a year or more. The fall out from Covid-19 is going to be one that takes a while to manifest in terms of economic downturn. Certainly in this unique Marbella economy.
So where does that leave owners who are wanting to sell.
And so, knowing that there is a strong interest in the market now from post Covid buyers, as well as a high number of British who are keen to set down roots before Brexit, I am advising all of my owners to really consider how quickly they want to sell there property. To lower the price now and attract the attention of those motivated buyers looking for a lifestyle change could result in a strong possibility of getting a buyer. For those who are not in a hurry, and dont want to adjust prices, it may be worth considering that if the property is still in the market in a year and a half or two years time, you may have to accept that the market value is lower tan today.
For more information about selling your home in the Costa del Sol, contact Jones In Marbella.