Although some areas may experience house price decreases of around 10%, the most prime homes are continuing to sell, even during the lockdown. These properties are less sensitive to price falls and a new star product has emerged: rural estates.
Óscar Larrea, CEO of Engel & Völkers in Madrid, illustrates the situation. One of the most exclusive products is rural estates, due to the exclusivity of the prices and the time it takes for sales to take place. “We created a dedicated department in 2016 and last year 3 such estates were sold with a gestation time of two years. This year, we have just signed two operations amounting to 10 and 5 million euros in Extremadura and Segovia, with an average of four client visits”. The manager acknowledges that the lockdown has boosted customers’ desire for products that combine outdoor areas, gardens and space.
Read the full article in Spanish.