Photo: Nacho Doce / Reuters
The fall in housing prices in Spain in the near future is unlikely — despite the negative impact of the pandemic coronavirus in the local real estate market. This reports the EuroWeekly News, citing data from consulting firm Savills, Aguirre Newman.
According to analysts, reduction of property value in the short term will not, but under these circumstances, the buyers were able to spend more time on selection of objects. Many are waiting for the discounts, not in a hurry to make deals.
At the same time, housing sales in Spain have so far refused to make concessions. Housing prices in the country remain stable: their fall is not on the market for sale or in the rental sector. Moreover, in the popular tourist region Costa del Sol rental rates of apartments in 2018 increased by 20 percent due to the shortage of proposals.
Earlier in may, Europe has predicted a huge drop in housing prices. By the end of 2020, the real estate prices in Spain, Ireland, Italy and the UK can be reduced by 3-3. 5 percent. In Portugal, the drop will be 2.5 percent in Belgium, France and Germany — 1.2-1.4 percent. The exception will be Switzerland, where even in 2020, despite the pandemic coronavirus, the property can rise by 0.5 percent.
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