{"id":2850,"date":"2021-07-16T17:30:42","date_gmt":"2021-07-16T15:30:42","guid":{"rendered":"https:\/\/carlotagonzalez.com\/post-pandemic-property-market-trends\/"},"modified":"2021-07-16T17:30:43","modified_gmt":"2021-07-16T15:30:43","slug":"post-pandemic-property-market-trends","status":"publish","type":"post","link":"https:\/\/carlotagonzalez.com\/en\/post-pandemic-property-market-trends\/","title":{"rendered":"Post-pandemic property market trends"},"content":{"rendered":"\t\t
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The covid-19 pandemic has been a turning point for the property sector. Following a period in which attention was mainly focused on large urban centres, the post-pandemic buyer is looking for a different type of home: larger and quieter, with outdoor spaces, better equipped, more energy efficient... Find out about the main trends in the housing market that could give some insights into post-pandemic prospects.<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Home sales and purchases in Spain plummeted by 17.7% in 2020 due to the impact of COVID-19, falling back to 2016 levels, according to data from the<\/span> Spanish Statistics Institute<\/span> (<\/span>INE<\/span><\/a>)<\/span>. However, in the first part of 2021 business has returned to levels similar to those in 2019. There has been less of an impact on prices than was expected. In fact, <\/span>since the beginning of the pandemic, prices have grown by an average of 2.3%<\/b> according to <\/span>\u00a0<\/span>Idealista<\/span><\/a>, although major differences have been identified between the different Autonomous Regions and tourist towns and cities have seen a greater impact.<\/span><\/p>\n

However, the most important change in property market trends has been in client preferences. The pandemic has led people to rethink what they value most when buying a home. If before COVID-19 the most popular options in the housing sector were flats in big cities, now housing that is \u2018lockdown-proof\u2019 is in strong demand. The requirements for this are outlined below.\u00a0<\/span><\/p>\n

Larger homes for the whole family<\/b><\/h2>\n

Spanish people have traditionally spent most of their time outside their homes. An employment model characterised by very long working or study days, together with a climate that encourages people to go out, has meant that homes have been used mainly for resting and sleeping. But lockdown changed everything: suddenly, homeworking and distance learning became the norm, and homes became occupied by the whole family throughout the day.<\/span><\/p>\n

Faced with the prospect of having to spend more time at home, people are looking for larger properties where they can carry out all these activities at the same time. This has led to the average floor area of homes purchased reaching all-time highs in the third quarter of 2020, with <\/span>an average of 101.7 m<\/b>2<\/b> , according to data from the <\/span>\u00a0<\/span>\u00a0<\/span>Association of Registrars<\/span><\/a>. <\/span><\/p>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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After a sharp downturn during lockdown, house sales and purchases have recovered rapidly (Source: INE).<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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What is the purpose of the additional square metres sought in new housing? According to a study entitled <\/span>\u00a0<\/span>\u00a0<\/span>\u2018The impact of Covid-19 on housing demand\u2019<\/span> <\/a>, those looking to move house would most like to have a terrace or a garden (70%), a larger living room (34%), a more spacious kitchen (29.5%) and a room to work in (23.1%).<\/span><\/p>\n

Outdoor spaces are becoming essential<\/b><\/h2>\n

Another trend in the post-pandemic property market is that Spaniards have rediscovered their balconies, terraces, gardens, and patios. These outdoor elements, which had been quite common until the 1970s, were no longer included in most of the housing built in later decades for various reasons: they made the final price more expensive, people closed them off to gain additional space, and clients preferred to invest in other property types such as underground parking spaces or storage rooms.<\/span><\/p>\n

As a result, most of today’s housing stock lacks outdoor space. There are no official statistics for this. But a search of property sales portals such as Idealista shows that of the almost 25,000 homes for sale in Madrid, <\/span>barely 10% have a terrace, balcony, patio, or garden<\/b>. In Barcelona, despite having a better climate, the percentage of homes with outdoor spaces is even lower. In contrast, the majority of new developments currently on the market do include a terrace or balcony, as this has become an essential requirement for those wishing to move house.<\/span><\/p>\n

Proximity to the city centre is no longer so important<\/b><\/h2>\n

A society in which being seen at work for as long as possible is the norm values proximity to work, schools and facilities very highly. Living close to large urban centres was therefore an advantage that was reflected in housing prices. This explains why the price per square metre in cities such as San Sebastian, Barcelona and Madrid is between 30 and 50 % higher than in other towns in the same province. However, this also seems to be changing if we look at the post-pandemic trends in the housing market.<\/span><\/p>\n

Homeworking has caused many families to consider moving to towns outside the big cities, where they can have larger housing and a better quality of life.\u00a0<\/span><\/p>\n

A reflection of this trend is that in the third quarter of 2020, <\/span>the sale and purchase of single-family homes accounted for 20.88% of total <\/b>transactions in some Autonomous Regions (such as Catalonia), according to a report by <\/span>\u00a0<\/span>the Property Agents Association (<\/span>API – Colegios y Asociaci\u00f3n de Agentes Inmobiliarios<\/span><\/a> )<\/span>. This has achieved record levels, as confirmed by data shared by the Association of Property Registrars (<\/span>Colegio de Registradores de la Propiedad<\/span><\/i>) for the whole of Spain.\u00a0<\/span><\/p>\n

Larger, more independent homes with outdoor areas such as gardens or terraces are sought after, something that is expected to push up prices outside large urban centres.<\/span><\/p>\n

Higher quality and better equipped housing<\/b><\/h2>\n

Spain’s housing stock is ageing. Not so much because of the average age of the dwellings, which is 45 years old, but because of the<\/span> low quality of the housing<\/b> built in the 1960s and 1970s, together with the lack of maintenance and refurbishment of many properties.\u00a0<\/span><\/p>\n

During the lockdown, many people realised that their homes are in need of modernisation, which explains the <\/span>\u00a0<\/span>\u00a0<\/span>strong growth in renovations<\/span> <\/a>\u00a0<\/span>\u00a0in the last year. Good acoustic or thermal insulation, systems to ensure indoor air quality and more light are some of the most in-demand aspects in new homes, according to the property market trends in the current post-coronavirus market.<\/span><\/p>\n

Do you need to buy or sell a property? Entrust your deal to an estate agent who is also a property lawyer!<\/b><\/p>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

The covid-19 pandemic has been a turning point for the property sector. Following a period in which attention was mainly focused on large urban centres, the post-pandemic buyer is looking for a different type of home: larger and quieter, with outdoor spaces, better equipped, more energy efficient… Find out about the main trends in the […]<\/p>\n","protected":false},"author":9,"featured_media":2834,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[28],"tags":[373,376,146,384,380,377,374,385,379,378,381,375,383,382],"yoast_head":"\nPost-pandemic property market trends - Carlota Gonz\u00e0lez<\/title>\n<meta name=\"description\" content=\"What are the main trends in the property market after the pandemic? 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