Why it’s always important to look to the longer-term
2020 has been a year like no other in so many ways. Taylor Wimpey España has been operating in Spain for over 60 years and I’ve been selling second homes with the company for more than 25. In that time, I’ve seen all manner of economic challenges, but nothing quite like the combination of site shutdowns, travel restrictions, social distancing and widespread economic distress that COVID-19 has caused.
What’s been interesting, though, is how strong demand remains for Spanish second homes. Demand is very much still alive. We’ve seen an increase of 33% in web visits in November 2020 compared to the November 2019. We’ve also experienced a 37% increase in year-to-date leads as at November 2020.
The fact that leads have increased despite the restrictions on travel serves as a clear reminder that buyers are looking at second homes to meet their future needs as well as their current ones. They are looking to the longer-term benefits of owning a property in Spain, in terms of both usage/lifestyle advantages and capital growth.
Of course, that’s not to say that the pandemic hasn’t changed what buyers are focusing on in the here and now. Indeed, we’ve seen a notable increase in buyers looking for open and bigger spaces, flexible accommodation that suits both work-related and lifestyle needs, communal pools and gardens and also quiet areas. Fibre and WiFi are simply non-negotiable. Apartments at our Grand View development, have just what buyers need when it comes to that sense of space and openness that has become so very important this year.
But buyers are also looking to the future. When it comes to their capital, buyers are accepting that situations such as the COVID-19 pandemic can create unforeseen property price fluctuations. That’s why it’s important to remain calm and look at the longer-term capital growth expectations of a second home.