Marbella property sales in times of Covid
To offer a first-hand idea of just how and to what extent the Covid crisis has been affecting the Marbella property market, we spoke to Yolanda Moreno, an experienced member of the Sales and Rentals team at Nordica Marbella.
What kind of properties have been selling recently?
All kinds really, across the different price, style and property type categories. Lately, the main kind of buyers are new residents who have decided to relocate to Marbella in search of the best possible quality of life both during the Covid-crisis and after it. Many like the lifestyle, climate, leisure facilities and international schools, as well as the ability to work from home in properties that are spacious and offer privacy and views in locations close to all main amenities. In addition, many see owning a home in Marbella as a good investment for the future.
What kind of people are buying?
We noticed that there has been an increase in younger buyers, but they come from a broad range of countries, including British, Scandinavians, Arabs and also Spanish clients from centres such as Madrid.
Are sales up or down since Covid?
Believe it or not they are up a bit, and we’re heading for more total sales than last year, partly because of this surge of people making the lifestyle choice away from larger urban centres elsewhere.
Which are the most in-demand property types?
Have you noticed any other trends resulting from the Covid-situation?
A lot more people are not only thinking of the Marbella home in living and lifestyle terms, but now also as a place to spend more time and also work from. As a result, they are placing more focus on homes that can offer workspaces, studios or even professional offices, but also look at Marbella properties more as proper homes rather than just luxury holiday leisure getaways. Practical issues are more important now than ever.
Do any of the current trends surprise you?
To be honest, we thought there would be quite a nervy initial reaction from homeowners and vendors, but where it did exist it was overshadowed by a strong resurgence in enquiries once the lockdown ended and people could consider a visit to Marbella again. There have been ups and downs with global travel limitations, but demand has remained strong throughout the summer and now into autumn. It seems that a lot of people have been given the courage to act upon their desire to have a property in Marbella or move here permanently and work remotely.
The clients who contact us are already very well informed, having done their research online during the lockdown weeks, and we have a market of vendors also keen to move towards agreement and transaction more quickly than usual. Most prices of apartments and villas for sale in Marbella have not dropped much at all, except for those that had become a little overpriced anyway, but on the whole supply and demand are finding one another pretty well at the moment, in spite of the challenges posed by the global Covid situation.