The last economic crisis in Spain represented a cataclysm for the real estate sector, especially for property developers. Thousands saw their businesses come to a standstill, which, together with large debts on their balance sheets, led to the bankruptcy of many.
Barely a decade later, and with the residential sector yet to recover its pre-crisis figures, the country’s large real estate companies are facing a new challenge due to Covid. “There is no doubt that 2020 has wrought havoc on the real estate sector. Proof of this is that the homes that were sold easily at the beginning of last year, could be difficult to shift by the end of this year; and vice versa. The coronavirus has changed our lives in every way, and the real estate sector has also had to adapt to the new needs of home buyers and sellers”, explain sources at Realia.
Read the full article in Spanish.