How coronavirus in Spain affected the real estate market

"This tоо shall pass"

The questions on what is happening in Spain now, how things are going with coronavirus and whether global quarantine will be introduced are addressed to us daily. So, should you make any sudden moves? We believe NO. Everything passes, all crises end some day, but it is worth considering how to stay afloat.

We advise reading only official sources, do not listen to Instagram experts, but the World Health Organization and read official information on the situation in Spain:
a) El Ministro de Sanidad (Ministry of Health)
b) La Ministra de Defensa (Ministry of Defense)
c) El Ministro del Interior (Ministry of the Interior Affairs)
d) El Ministro de Transportes, Movilidad y Agenda Urbana (Ministry of Transport)

Newspapers:
El país
El mundo

The situation at the airports of Spain:
Aena

Map about the spread of the virus:
Around the world
In Spain

At present, the work of government services has been suspended (or almost stopped) in Spain, so if you are planning to sign a deal with us in March or early April, contact our employees:
Ksenia Kanchik (office in Alicante), tel. +34 633 247 966, kk@virtoproperty.com
Natalia Pugach (office in Torrevieja), tel. +34 633 678 581, nati@virtoproperty.com

If you approach the issue with a cold head, you can come up with something positive. Let's see, what we can suggest.

Some instability affects not only the decisions of buyers, but also sellers. Right now, some great options can come across at a bargain price. Offers are now being tracked by everyone who understands how the real estate market works, so we advise you to subscribe to our newsletter to get our best offers. Liquid real estate is quickly acquired at lower than average prices. It is a great way to save assets from inflation and earn money.

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It is especially important to track new buildings and direct offers from developers. They are great in terms of investment too — new homes have a higher energy efficiency class, take into account modern environmental requirements, use new materials and technologies that reduce the cost of maintenance.

Developers are bound by obligations towards clients, banks, employees and deadlines, so they cannot postpone the construction in crisis. In such cases, one should be prepared in advance to catch the best offers.

When concluding an agreement at the construction stage, the cost will be fixed in the contract and payment will be divided into stages until the delivery date. Moreover, it is usually possible to reserve a property from a developer without flying to Spain — everything can be signed online.

The second thing to do is to consider what you can do remotely. In fact, such operations are quite popular. The whole process of buying a house or apartment in Spain can be divided into stages, and some of them can easily be done online, from choosing property in the catalog to getting NIE and buying medical insurance.

What to do if you like some house or apartment, but you are not sure about your choice? Ask for a survey! A qualified specialist will not only inspect the house, but also check things that you might not pay attention to: talk to the neighbors, assess the infrastructure in the area, and by the end he will send you a detailed report with pictures.

If you know the exact place where you would like to buy an apartment, you can make an online reservation of the property you like and, after the situation improves and borders are open again, enclose a deal in Spain to fix the price. This is especially true for a new construction.

If the potential amount of the transaction is over 500,000 EUR, you can also apply for a Golden Visa remotely.

Contact our managers to draw up a step-by-step plan taking into account your wishes and the current situation.

The third thing we can advise is to get information from trusted sources. You can read doubtful public opinions and take it personally, but you definitely should not make decisions about buying a house based on «what others think».

Take a look at statistics, read some press releases and reports of official organizations. Information on the number of cases of Covid-19 is updated on a regular basis.

The local healthcare system is capable of coping with what is happening. They organize everything well and act together, avoiding unnecessary panic, thanks to open-minded Spanish mentality.

How to behave in a quarantine? Read here.

And here is something else to remember — in times of crisis, you can come across some fraudulent offers: from opening a bank account without your participation, to receiving a deposit without proper registration and transferring it to a private person.

Fraudsters expect panic and confusion, so do not make any transactions without being ensured, check everything several times if the offer is in the legal field or looks doubtful. If you doubt something, it is better to refuse, saving your nerves and money.

Over the past 20 years you and we have experienced more than one crisis, so we will survive this one too. And based on our experience, deliberate actions do good in the long run.

Countries close borders, limit flights, impose quarantines — such measures do not last forever, it is worth waiting out, and not looking for workarounds, putting yourself and your family at risk.

Airlines plan to reduce a total of 4,400 flights by the end of March, including the popular low-cost operators like Ryanair, EasyJet, Wizz Air, local Spanish companies and even giants like Lufthansa.

Yes, there are still many countries flying to Spain, but choosing uncertain transit options, you may find yourself isolated — any flights can be canceled at any time. Are you ready to take that risk? Perhaps it is better to monitor the situation and play by the rules?

We cover the current situation with coronavirus in Spain on social networks and are ready to answer any of your questions — simply contact us.

We hope that soon we will discuss only positive news and enjoy the Spanish sun!

Links:
How Coronavirus Covid-19 affects the Real Estate in Spain
Spanish NIE Number Guide: How to do your NIE application
Golden Visa Spain: Investor Program Explained - Getting Spanish Residency and Citizenship in 2020
A Comprehensive Guide To Moving To Spain
Cost of living in Spain compared to the UK
Healthcare in Spain For Expats: Health Insurance for British in Spain