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BIG INVESTORS SNIFF BARGAINS IN TOTTERING SPANISH PROPERTY MARKET

Majorca Daily Bulletin

BIG INVESTORS SNIFF BARGAINS IN TOTTERING SPANISH PROPERTY MARKET

Madrid.—The coronavirus crisis has halted a stellar recovery in Spain’s property market and left most sellers floundering, but major investors have stayed active and poised themselves to take advantage of faltering prices. Ever popular with foreign capital, Spain’s real estate sector had almost entirely recovered from its 2008 nosedive - but in the first six weeks of lockdown, only 1% of pending transactions went through, the General Council of Notaries said. Spain’s strict coronavirus confinement sparked legal and financial measures that stopped the vast majority of buyers and sellers in their tracks - in contrast to more flexible markets like Germany, which still allowed property visits and could rely on a better-digitalised sector. But real estate agents say heavyweight, highly-liquid investors continued their activity in Spain during the crisis, asking for “opportunity lists” of bargains they may only have a small window to catch. “I’ve seen investors coming cash in hand hoping to buy cheaply,” said Kristina Szekely, a luxury real estate agent in Marbella whose crown jewel is a 32 million euro ($35 million) mansion with 10 bedrooms, a pool and a heliport. Szekely said some thirty clients had called in past weeks requesting advice on opportunities. “It’s a new situation for me,” she noted. Prices have dipped 10 percent in the capital Madrid, another agent said. Opportunity lists often include new-development properties which investors favour, particularly when only a few units remain and developers are willing to sell at a discount. Seguir leyendo

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