The outburst of the COVID-19 pandemic has affected the industries and markets globally. It has posed a threat to humankind. Furthermore, the novel concepts of self-isolation and quarantine have changed people’s lifestyles. Since the virus is here to stay, industries are trying to find a way out to restart and earn.
The real estate industry has been affected heavily by the virus. Some experts have been making several Spanish property market predictions that might come true in the near future. As for the current trends, people have postponed their Property Purchase Plans with the growing health risk. Moreover, Spaniards have started preferring flats over other housing options as they cater to a larger customer base’s residence. However, this increased demand has also boosted the price tags of these properties.
Secondary Housing Market
According to Sergey Sinyugin, CEO of Virto Property, the prices of new flats in the city centre can cost from 250.000 to 500.000 EUR. Also, it is worth noting that the room sizes are smaller than the standards. These range from 10 to 12 sqm, which is pretty tiny, almost like living in a Tiny House.
As for multiple bedroom villas, they provide marvelous panoramic views. Most of these properties come with a large plot size and spacious personal pools. Moreover, many such properties also come with additional amenities and facilities. These include lawns, backyards, BBQ stations, lounges, patios, and more. People loved having such spaces for weekend relaxation and hosting a get-together.
New Development Projects
Regardless of the market trends and current situation, the construction companies have kick-started their working with adequate precautions. This could be the first step for the Real Estate to make a comeback after Coronavirus struck. They have launched several projects and are in different stages of development.
Some of these projects were started before the pandemic and can even take up to 3-10 years for completion. They can’t back out on these projects now and must complete and sell these, even those with common areas.
Current Customers’ Preferences
However, many people have started avoiding community or public spaces to stay safe. This is, firstly, because they wish to avoid the chances of getting infected. And secondly, with more people living in the same space the requirements for maintenance increase as well. People stay away from pools as they have a large amount of Chlorine, which is unsafe for anyone.
This is why it is being predicted that customers will prefer having a private pool in their home. A decision that will not only ensure safe pool-time but also make organising backyard parties enjoyable.
Spain has a remarkable connection with the road network: the chances of getting stuck in traffic jams are rather low. Therefore, both 4 & 2-wheeler owners can travel safely and fast from one place to another. Since the properties are constructed in urban and secure locations, they are near modern cities as well.
The developers have also kept in mind the basic necessities like Gas stations, Hospitals, Banks, Parking spaces. Even the smaller towns have been well-planned and are suitable for people who are looking forward to buying property.
Some Trends in Architecture of Residential Buildings
Getting back to the topic of new projects and the latest construction assignments, the architects will have to consider more aspects before finalising. They will have to keep future disasters and epidemics in mind while designing. However, the real effect of this concept will only be seen after 3 or 5 years. Also, for families looking for a safer environment for their children, experts advise individual houses and plots.
This is important for both vacationing and permanent residence in Spain. It is also a profitable space for mere investment purposes. Purchasing properties in such regions can be a lucrative decision. Especially buying a property near the coastal area, people love renting such spaces for their holiday.
Additionally, if you like living in flats, then Spain’s real estate market has a lot of options. Not only do these have a balcony or terrace, but some also provide a Patio. Another popular trend is Zoning: the person will have a private corner to relax after a long day at work.
Overall, one can easily foretell that the pre and post-COVID phases have brought revolutionary changes in the industries. The Real Estate & Housing domain has started focusing on catering to the Personal Space & Safety of the resident. This means that:
- Owning a house, no matter if it’s small, will be a better option than a flat.
- Having a Private Pool, Patio, and other spaces are safer than visiting Community areas.
- Following the Zoning or Private Room trend has a risk-free and brighter future.
- Private Terraces, Solariums, and Balconies in flats would be the optimal choice.
Staying safe and healthy is at the top of the priority list, as one cannot predict the disasters or pandemics. One can only take the right precautions to survive such situations. This has made ownership, private spaces, and Zoning popular in the Spanish Property Market.
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