The Spanish real estate sector is hoping that sales to international buyers will return to pre-crisis levels in the near- to medium-term. For this year, however, the real estate website predicts that there will be 25,000 fewer transactions by foreigners during the second half of 2020, equivalent to a 50% decrease compared to last year.
During the same period in 2109, international buyers completed 50,522 real estate transactions. But the new economic environment caused by the pandemic has led to a significant drop in visits to Spain by international buyers, damaging the tourist industry and the broader economy. The second round of outbreaks and new restrictions imposed by Spanish and other governments mean further damage to the real estate market and a reduced possibility of a V-shaped recession.
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