How is the Barcelona real estate market?
The Post Covid Real Estate Market
The past few months have been a struggle for individuals as well as for businesses. The real estate market in Barcelona was not an exception. As we are still immersed the Covid crisis, the real estate space faces uncertainty.
In fact, experts were and even are actually expecting business to slow down or even be paralyzed. Yet in reality, we are currently seeing a lot more traffic that you would think.
The "New Normal"
Just like us, you must have seen that the market was going to slow down. Naturally this crisis disrupted consumers’ behaviours and made us rethink entirely our real estate market in Barcelona.
In fact, during March 2020, house sales decreased by 37% according to notaries and rent will decline by 3%.
Indeed, many experts compared this pandemic to the 2008 crisis with the sales dropping and the uncertainty and unemployment growing. While it actually contains many differences.
First, it is not a structural one, but more a circumstantial crisis, therefore consequences will be less drastic. This point changes how people are going to consume and how companies are going to work from now on.
Time to Start Investing
Now that we are coming back to “normal”, and the borders will open soon, we keep wondering how people will react.
Besides, in our experience, people are either happy with the place they live in or need to move right now.
As we had to stay inside for several weeks, some wish to invest in a home with an outside. Indeed, we witness a huge uplift for people looking for properties with a balcony or terrace. Furthermore, on the coast especially, clients are taking more and more interest into huge outdoors properties.
And prices will likely increase if another quarantine comes.