The lockdown in Spain is taking one of Europe’s older-fashioned property markets into the 21st century, with estate agents rushing to offer virtual visits and notaries lobbying to legalise e-signatures to offset a near-total halt of business.
In the latest episode of Spain’s real estate rollercoaster 99 per cent of transactions have stopped during the battle against the coronavirus, according to Spain’s Notary Commission.
Home prices in Spain, remained strong even though sales slowed down amid the Covid-19 pandemic, according to a report.
Across the country, the average home price (measured in price per square metre) rose 3.2% year-over-year in March. Compared to February, it was up 0.3%, according to a leading international real estate agent, citing data from Spain’s property portal Idealista.
The Spanish and Portuguese real estate cycle will be much longer than the traditional 12-years and despite a generalised slowdown, Spanish property markets will keep on rising, predicts Ignacio de la Torre, Chief Economist at Spanish investment bank Arcano. Read more »