By Andrew Atkinson
In the wake of a prediction that the price of properties in Spain could be slashed – between 10%-30% due to the coronavirus pandemic – a plethora of interest has come from Britain, to cash in on casa sales.
With construction of properties reaching the proportion of builds, prior to the market recession crash in 2008, the interest in Costa del Sol, has increased by 34% year-on-year during May.
The figures come at a time when UK house prices have fallen, for a third consecutive month and in April, Spain recorded sales down by 38%, according to a communique from Spain’s Association of Property Registrars.
Construction has been rife in areas, including in and around Torrevieja, in nearby Vega Baja regions of Benijofar, Los Montesinos and San Miguel, amongst others.
New build prices vary, from million pounds plus price tags, to €250-€300,000 in Montesinos.
Resale prices are being snapped up, with prices as low as €85,000 for a bank repossession for a 3 bedroom detached house, within 10 minutes driving range from Guardamar beach.
In May interest in Ibiza saw an increase of 174% in searches for properties, where one bedroom apartments cost in the region of £120,000.
Miles Shipside, from Rightmove, said: “We’re not out of lockdown yet – most airlines are still shut – but this is an indication that it has been a life-changing period for many reappraising both how and where they want to live.”
Spanish property mainly viewed were in the Costa del Sol, including Malaga and Marbella. Spain, France and Portugal were the most popular destinations.