The number 1 Spanish real estate portal Idealista/ Yaencontré predicted – based on the interviews with 4 real estate experts – what scenario the sector will face during 2021. And one of those experts was our own Raf Jacobs.
On January 18th, Idealista published an article with the 2021 predictions on real estate prices, sales, mortgages and investments, all based on interviews with 4 industry leaders. One of which our Raf Jacobs. Let us summarise the article for you, with Raf’s most important takeaways. Or read the full article with the button below:
The challenges facing the Spanish property sector this 2021 are not few, nor are they easy. With the economy expected to leave the recession behind, many experts and analysts are looking to the property sector as the backbone of the country’s recovery.
The number of sales transactions in 2020 was finally not as dramatic for the sector as expected in the spring, in the middle of the first wave of the covid-19. Despite the confinement and its restrictions, the residential sector, against all odds, has been reactivated. The price of second-hand housing will continue to fall this year, while it’s logic to expect that with a vaccination scenario, price drops will slow down. It’s also not ruled out that there may be increases in some parts of Spain, provided that the economic and health situation improves.
Now is the time to buy
One piece of good news is that, in this scenario, “many opportunities are opening up for buyers,” according to our Raf Jacobs. However, “the difficult thing today for the buyer is to know what the right price of a home is”. Raf states that “the reference points have changed and more than ever it is critical to know how to define the real value of a home given the current situation”.
The trend that emerged last year will probably prevail over the type of housing with the greatest growth in demand, such as single-family homes and more spacious homes with access to the open air and common spaces, located mainly on the outskirts of large cities and medium-sized towns. As the type of housing that families are looking for has been restructured: bigger and better.
A trend confirmed by our CEO Raf Jacobs. However, the change that may take place towards the outskirts “is not as easy as it seems”, he concludes. “There are more searches in the portals for these homes, but purchases will not increase with the same intensity”.