Corona boosts Spain's new-build property market
It's actually logical: if you have to sit at home all day due to permanent lockdown restrictions, at some point you start to look at your own four walls with a more critical eye. The kitchen, bathroom and living room suddenly seem small and dark, the outdoor areas such as the terrace, balcony or patio cramped and unattractive. Especially if you want to spend a large part of your time there.
„The corona pandemic has made many families more aware of the shortcomings of their own home, especially the lack of space“, according to a recent study by the Spanish survey institute „Instituto de Valoraciones“ on the current situation on the national housing market. „In recent months, there has been greater interest in new-build projects and single-family homes that meet the new requirements of buyers: large outdoor spaces, plenty of natural light, additional rooms, such as for a home office, and high energy efficiency“, according to the study.
According to a report by the Spanish real estate portal „idealista“, new construction projects have recorded a stable sales volume since the outbreak of the pandemic last year, while demand for existing properties on the Spanish housing market has slumped, in some cases drastically, in recent months since the outbreak of the pandemic.
Advantages of new-build properties
The study concludes: „„The ability to design a bespoke home with contemporary open space concepts, integrate modern smart home technology or cost-saving and sustainable energy efficiency installations are some of the benefits that new build projects offer.“
The study also explains that new-build properties have gained ground on existing properties, which were previously cheaper on average. Most developers now offer their own financing options so that new-build properties can be paid off in installments. The low Euribor interest rate has also led to more and more banks offering their private customers attractive financing options for new-build properties, according to the study.
