Forecast of the market situation in 2023
Recent years have been good or very good in terms of investments. COVID-19 changed a lot, the lockdown affected the market situation, but it lasted relatively short. Since March 2021, we have observed a significant increase in demand on the Spanish real estate market.
The second quarter of 2020, according to data from real estate registers (Registradores.org), brought an almost 50% decline in real estate sales with foreign buyers (compared to the same period in 2019). Foreign investors made 8.1 thousand transactions, and the last time a similar result was recorded in 2013. Many buyers suspended planned real estate investments because it was unknown how the market would react to the pandemic. Prices of houses and apartments began to fall, and many investors were waiting for the best moment to buy. According to some experts, that time has already come. According to Miguel Laborde, partner at Laborde Marcet, investors should buy real estate now. “This is because the recovery will be U-shaped and prices will not fall further,” he said on Idealista.com. To sum up 2022, we can say that Miguel Laborde was right. The situation has changed radically over the last two years. Sales growth was significant in all places of interest to foreign investors. Sales increased by double digits in all these regions except Murcia, with the largest increases recorded in the Canary Islands (+45%) and the Balearic Islands (+21%). In the most popular travel destinations, sales increased by +23% in Andalusia and +21% in the Valencia region.
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