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COVID-19 changes how and where we want to live| REAL ESTATE NEWS
COVID-19 has changed the vision of many aspects of our way of life. From our manner of working and studying, leisure and the mode we relate to our family to our preferences when choosing a home in Marbella.
A little over a year ago we were overwhelmed by the unexpected situation caused by the coronavirus. It was first identified in December 2019 in Wuhan, in the Republic of China. On March 11, 2020, the World Health Organization (WHO) recognised it as a global pandemic. Currently, despite having a vaccination plan already in place in several countries, the incidence rate remains high.
Among the recommended preventive measures are physical distancing and self-isolation. For people at risk, it is suggested that they stay home as long as possible. This, added to the house confinement that we lived during the state of alarm and the sporadic quarantines due to contact with positive cases or even possession of the virus have produced a complete turnaround in our lifestyle.
The socio-economic impact has been such that practically all sectors have been influenced. In relation to real estate, the direct consequence has been a general increase in the sale of houses with large surfaces. How and where we want to live have taken on a much more relevant role than they had.
How we want to live
First, we will talk about how. Spaciousness and intimacy are fundamental conditions today. So much so that the average surface of the houses bought in 2020 has broken a historical record in Spain. As stated by the Property Registrars, in the fourth quarter of 2020 the average size of homes registered after a trading operation in our country has increased by 0.9%. Homes with lush gardens and private pools, spaces for telecommuting, and contemporary styles with high ceilings are trending. Requirements regularly met by the luxury sector and new construction. Indeed, according to a famous Malaga newspaper, the purchase of second homes on the Costa del Sol is having less weight.
Where we want to live
Second, location. Perimeter closures and lockdowns have transformed the vision of many. The fact of being close to services plays a considerable role. However, the prominence of large cities is decreasing in favour of localities with a lower population density. So, if we went back in time and faced home confinement again, where would the ideal city be to spend it? The conclusion is that the priorities would be proximity to green areas, the beach and amenities.
Many would choose to stay on La Costa del Sol and enjoy its wonderful climate in one of its beachfront properties. The quality of life that places like Marbella or Estepona offer is not easily found. In addition, they have great facilities such as prestigious golf courses in their surroundings, natural environments or shopping centres. That is why it is said that the real estate market in our area has been immune to Covid. In fact, there has been an increase in sales from July to October 2020 in Marbella of around 15% in the luxury sector. This type of residence represents security in physical values as well as a hedge against possible future inflation.
In general, the awakening that this region had after the lifting of house confinement was vertiginous. From the outset, sales were comparable and even surpassed in some cases to records from a year earlier. A phenomenon that has not been repeated in all cities.
Many people who were doubtful decided to jump in during this period of change and acquire the home that was on their minds. A fact that continues to happen. So much so that, for example, in the last year, the number of properties sold in the newly built BYU Hills complex has gone from 50% to 90%. Luxury apartments in a very distinguished environment with uninterrupted views, interior spaces integrated with the terraces through panoramic windows and maximum privacy.
We are dealing with buyers with very clear ideas, most of them foreigners. Clients who come expressly for the purpose of taking over a residence on the Costa del Sol.
Contrary to what we had thought would happen after the lockdown, real estate demand has been boosted. A new lifestyle that considers a home close to nature and the beach as a safe place to take refuge from the chaos.
Writen by Laura Martín | Apr 12, 2021