The Coronavirus pandemic rattled the world economy—and the Spanish property market was not an exemption. Before this, Spain, especially the city of Costa Blanca, was becoming a tourist hub. The reason is simple; everyone wants a bite of the Mediterranean climate. According to research, British ex-pats topped the list of property buyers between December 2019 and January 2020. However, with many countries rolling out the COVID-19 vaccine, you may be wondering what the new property trend might be. We have all the answers you are looking for right here.
What are the restrictions right now due to the Coronavirus pandemic?
The Spanish government began easing restrictions in October 2020. However, with the discovery of the UK variant, the government closed its air and sea spaces to Britons. Recently, the Spanish government extended that restriction to 2nd March 2021. Nevertheless, Spanish residents can still return to Costa Blanca, but they must provide documentation to prove it.
Also, you need to provide a negative LAMP, TNA, or PCR test, taken not more than 72 hours, before your arrival. However, some countries are exempt from this rule. Other coronavirus rules you need to keep in mind include;
Can people come now to buy a house in Costa Blanca?
Despite COVID-19 and Brexit, interest in Spanish property is on the rise—particularly from Britons. In the first week of 2021, there was a 39% jump in Spanish property listing viewers. The most area of interest includes Costa Blanca, Mallorca, and Alicante. Online property websites are witnessing over 446% interest from Britons from 18 to 24 years. Perhaps, they want to fight the restriction of free movement imposed on Britons in the European Union following Brexit.
Yes, you can still buy a home in Costa Blanca—as long as you follow all COVID-19 protocols. The greatest challenge is that some notary offices are still closed. However, all pending deals can still be completed. If you have purchased off-plan, expect a delay in the delivery date. Developers are still taking precautionary measures, especially with subcontractors.
Is Costa Blanca a safe place?
Costa Blanca is safe. Crimes in Costa Blanca are lower than the European average. Small resorts such as Denia, Javea, and Moraira are all crime-free. Also, it is perfectly safe to walk alone at night on the streets. Nevertheless, you still need to maintain safety precautions. It is the high safety that has made it one of the retirement locations for Britons and Germans.
What is the current price trend for properties?
It is hard to predict the Spanish property market at the moment because of COVID-19. However, statistics show Spanish property market is bouncing back. According to S&P, house prices will likely rise in 2021. An average of 25% of households has been able to save income in the Eurozone. Therefore, they have more savings to buy houses.
The increase in demand will likely push up the price. The request for newly built homes with better air quality, multi-purpose spaces, and higher security is growing. Therefore, expect to pay higher for such apartments. If you want a cheaper property, consider traditional residence.
What nationalities can come to buy or who is buying?
Foreign buyers make up 16% of those buying a property in Spain. The Britons alone make up 14% of this figure. The demand by the British for properties is expected to surge. However, this will depend on how soon the restrictions are lifted.
The time of great despair often brings the best opportunities. As ex-pats who make money from tending their homes are eager to sell, their prices will likely remain down. Thus, there is no better time to invest in a property in Costa Blanca than now.