Home Breaking News Marbella’s real estate ‘jewels’ tremble at falling prices

Marbella’s real estate ‘jewels’ tremble at falling prices

Marbella's real estate 'jewels' tremble at falling prices

Marbella’s real estate ‘jewels’ tremble at falling prices

[email protected] (Valentine Hilaire)

1 hour ago

© Provided by Information

“We eagerly await the reopening of Malaga airport why without flights there are no customers. The real estate activity It is on hiatus now because almost all of our clientele – close to the 95%– is foreign. Most of it comes from countries like Belgium, France, the United Kingdom, Germany, Russia, the Scandinavian territories, the Netherlands … These months we have done some virtual tours, but nobody will buy a house after watching a video. You have to see details, sign documents … ” coronavirus pandemic It has disrupted the economy, and the real estate sector is not spared from its effects. Jeremy Lauwers, managing partner of Barnes Marbella, has explained to Information the effect of the economic blow that has caused the passage of the stock through the ‘real estate gem’ that is Marbella and the entire Costa del Sol. For him, the clients of the area have a great purchasing power, so it does not portend a total or partial bankruptcy, but it does foresee that there will be a drop of around 10 and 15% in prices The Barnes expert acknowledges that there is now an oversupply, but it is not as large as that recorded by the crisis of 2008. According to him, it is possible that the properties take a little longer to get out, but “in the end everything will be sold”. In his opinion, the most difficult part of the economic debacle will be lived by the most 1,000 real estate agencies who are fighting for the same cake in the area: “Many will not survive because compete for the same market, but time will decide. We are already finishing the health crisis, but the economic one is just beginning. “Where a decline in activity is already being noticed is in the second-hand offers, because its management is “less professionalized and has more resource limitations”, according to José Ignacio Fernández, Territorial Director of Aedas Homes in Costa del Sol. The expert points out that “in the new work The promoter companies have the means and possibilities that technology provides commercial communication alternatives to customers and maintain the expectation and aspirational sense of those who want to have a home on the Costa del Sol “. And it is that their buyers have High standards. They look for details such as “an ‘infinity’ pool, ‘yacuzzis’, gyms with good views, Balinese beds…. A taste of exclusivity “. Thus, Alfredo Millá, CEO of Sonneil highlights that its real estate agency has launched new attractive promotions and, for the moment, they have been managed through “soft reservesIn this way, their clients have the properties they like reserved until the end of the Spain travel ban established by several countries, such as Germany, and the situation is normalized. Fernández, from Aedas, sees how “strut” the danger since the presales that were closed before the pandemic no cancellations. For him, “in 2021 we will reach sales and production levels similar to what we had before.” Rents can also suffer, but Lauwers is confident that people have been ‘locked up’ these two months and “the value of space, good weather, swimming pools, luxury … there can be up to increased. Many citizens will want to rest and be comfortable after confinement. “Barnes’ partner regrets that the income will be lower because this is definitely “It will not be a normal summer”, but he assures not to have lost hope because “two weeks ago our statistics showed that Andalusia is being the most sought after holiday destination on the internet. I am confident in the medium and long term, although specific predictions cannot be made in an environment as uncertain as this. “The entire Costa del Sol has experienced a tourism boom in recent years. This is confirmed by Alfredo Millá, when warning the increase in visa applications and the increased interest of large investment funds for the real estate offers of the services and commerce sector of the area. The absence of these large pockets during the passage of the virus will greatly affect the tourism sector, especially on these dates, as it quite seasonal. The visits of the summer campaign are around the 70% of your annual income; 15% in weekends and bridges; and another 15% in Easter. The Covid-19 arrived on its key dates and it is not yet known if there will be a comeback strong enough to rescue the sector and all the commerce that moves with the new relaxation of measures established for the coming weeks. The tourism authorities of the region have assured in press conferences that the key to amortize the lack of vacationers in the coming months will be to take advantage of the activity carried out in the territory by the Spaniards who have second residences, and many icons in the area are already preparing to receive them. An example is Puerto Banús, whose businessmen have declared to be fine-tuning the details for change the business model of the enclosure. His spokesman, Giuseppe Russo, explained to the newspaper ‘Málaga hoy’ at the end of May that “this current situation may be an opportunity to sustain the brand of the luxurious space and leave the all-inclusive business and binge tourism that has discredited the port a bit. “Marbella thrives on all the travelers who arrive at the Malaga airport, one of the first localities that came into contact with Covid-19. Three residents of Marbella and one of Fuengirola They tested positive on February 27, more than two weeks before the state of alarm was decreed. More than three months have passed since then and investors look forward to the return of activity. In fact, the three real estate professionals consulted by this means confirm that there has been a increased rate of contact with customers after the announcements of the next opening of the Schengen borders, but they claim to be aware that the real economic impact on the sector will not be known until the next few months.

Microsoft can earn an Affiliate Commission if you buy something through the links recommended in this article.

The CEO of MásMóvil, Meinrad Spenger. (Reuters) Next article

Go to the takeover bid or not ?: After eight years of stock market frenzy at MásMóvil, it’s time to wait


Please enter your comment!
Please enter your name here