During the worldwide economic crisis of 2007-2009, the Spanish housing market was severely impacted by the recent Coronavirus outbreak. Despite this, the Spanish home market has stabilized. The second half of 2020 saw a 2.1% increase in average sale prices, indicating that it has already recovered from the global health crisis.
The real impact of Covid-19 on the economy, according to some analysts, may cause housing prices in Spain to drop by 5-10%. Instability in the economy might make it easier to find a cheaper property to buy, but international investors should be wary.
Property Types in Spain
Spain's real estate market is well-developed. A broad range of flats, homes, and even land will be available if you wish to create your own ideal home.
There are more apartments available in urban regions and cities, and there are more houses and villas public in current projects in the suburbs and towns and villages.
As you go away from the shore, you'll discover a combination of older and newer houses. The seaside towns, which are particularly popular with retirees, also offer a nice mix of new apartment complexes, villas, and more traditional homes.
Condition of Property
Even though it's not required by law, it's a good idea to have a property surveyed before you buy it. Not all properties in Spain have hidden faults that are expensive to address.
These days, the construction standards in Spain are on par with those in Europe or North America. It's possible that older homes weren't built to the same exacting standards as newer ones.