Currently the real estate market is stopped due to the current situation. Due to confinement, the following daily tasks cannot be performed:
- Face-to-face attention in the offices.
- Floor valuation
- Visits to the notary to make the deposit. They can only be performed with an urgent justification.
What do we think will happen once the confinement is over?
Regarding the year 2020, we believe that the prices of real estate will decrease approximately 10% due to the current economic situation due to confinement. However, we expect prices to rebound during 2021, recovering stability within the sector. Therefore, regarding the buying part, 2020 is a good year due to the drop in prices.
Another issue to note is that banks are very liquid, therefore, buyers who have a stable job will have no problem getting mortgages at very good prices since interest is being very low. This is an important difference from the 2008 crisis in which there was no liquidity and the banks hardly gave mortgages.
On the other hand, it is once again demonstrated that the safest investment will once again be the real estate sector because it is the most stable asset. We believe that investors will trust month in the real estate sector than in the stock market, raising sales during 2021.