Holiday Home Seekers from UK Buy Big in Spain’s Costa del Sol and Costa Blanca before Coronavirus Crisis

PROPERTY prices and demand in holiday areas of Spain saw home seekers from the UK buy big in the Costa del Sol and Costa Blanca before the coronavirus hit.

Latest figures from the National Statistics Institute showed that on average the number of properties sold across Spain dropped by 1.1 per cent over a year, yet in areas like the Balearic Islands and the Costa del Sol, the figures roared up to a 12-month rise in demand of nearly 13 per cent.

These were the last details to be compiled before the coronavirus broke out in Spain, and showed that demand in tourist areas continued to be healthy.

Other parts of Spain showed the heavily-populated regions of Catalonia and Madrid see their property sales fall by 4.4 per cent and 3.2 per cent respectively year-on-year for February.

Those drops were nothing compared to La Rioja falling by 36.4 per cent and the Basque Country at 20.7 per cent.

Experts looking at areas like the Costa Blanca and Costa del Sol suggest that despite the Covid-19 crisis, there will be good news afterwards on the horizon for British and foreign buyers

Property prices will inevitably come down after steady rises over the last few years.

Eurozone interest rates will not rise, which means that mortgages will be cheaper to get.

And it will be a good time to buy as a future investment, as difficult economic times always lead to property purchasing as a good way of getting through any recession.