Sales on the Costa del Sol of bars are predicted to rocket after the State of Alarm and lockdown ends finally.
WHILST of course all bars are currently shut in Spain with the lockdown restrictions, a boom in sales is predicted once they can reopen.
The Managing Director of Bars Abroad, Gary Adamson explained to the Euro Weekly News exactly what’s taking place in the bar market right now, he said:
“There’s a few factors in play right now, a few bar owners are contacting me during lockdown requesting I sell their bars as soon as possible as and when I can, so they can return home when lockdown finishes, understandably so, it’s mainly less established bars, what you could call ‘new starters’ to the industry with most purchases made in 2019, but the interesting thing that I didn’t expect was the amount of enquiries I’m receiving right now for purchases, of course the only issue is, buyers can’t pay visits at present.
“My day is currently filled with sitting on the balcony lining up the deals for clients, the surprising thing is the amount of interest and the reasons why, clients looking to purchase as they say they see a tourism boom coming to Spain shortly, as a client recently said they aren’t going to go to Italy and other areas now, whilst at the same time they are noticing the spikes reported of huge interest in Spain once lockdown is over.
“As one client told me, it’s the time to buy when on a dip, sellers want out and take less in price and buyers are looking for deals with many offers available, leases and rents are likely to be less too going forward as Spain gets back on its feet.
“I’m putting deals together as negotiating goes on between sellers and buyers and there is a lot of haggling on prices at present, although it’s the volumes of potential purchasers coming through despite the crisis and I predict a boom as soon as Spain returns to normal. I think we may have got off with a slow start to the season, but the season will extend and be very prosperous for those in the tourism trade.”