The predicted collapse of the housing market in the popular among Russians resort

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By the end of 2020 sales real estate Marbella Spanish resort town, popular among the Russians — may have fallen by 30 percent. This reports the EuroWeekly News.

According to analysts, negative influence on the local housing market, whose welfare is largely dependent on foreign buyers, had a pandemic coronavirus. According to real estate Agency Panorama Properties, visitors make about 80 percent of transactions with precious objects in Marbella.

The recovery of the local real estate market experts expect a year or two years. They predict that foreign investors will start to come back to Marbella after a few months.

Earlier in may, the whole of Europe predicted a massive decline 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.

Video, photo All from Russia.

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