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News
Our economic vision on the Mediterranean Coast
“
08
SEP
Our economic vision on the Mediterranean Coast
We are about to start autumn and unfortunately the worst expectations are being met. The number of infections continues to rise, with toilets exhausted by overcrowding and mediocre resources. Many borders are closed to Spaniards and a majority of countries are recommending that their citizens do not come to Spain, which is a very unsafe country from a health point of view.
In the Mediterranean area where we work, the dependence on tourism is total, and after the summer with a third of the influx basically of Spanish residents and very few foreigners, the drop in economic activity is enormous and is going to get even worse in the coming months, which means that many companies are going to lay off staff and close down.
As far as the property sector is concerned, in our opinion, national demand had remained alive in the post-confinement months, but we have already begun to appreciate the drop in property activity which, together with the tightening of mortgages in the coming months by the banks, we think will produce a notable reduction in purchases and sales. The real estate agencies and promoters specialised only in foreign clients are practically on "stand by", with demands that they cannot meet due to the impossibility of travelling to our country.
With all this scenario, we believe that there will be a price adjustment in the big cities that have suffered large increases especially in the last two years, a slight adjustment on the coast due to the fall in foreign demand and that to a greater or lesser extent its value will depend on what prolongs the pandemic. For companies like ours, all that is left is to pull out all the stops, work constantly and tighten their belts.
In the Mediterranean area where we work, the dependence on tourism is total, and after the summer with a third of the influx basically of Spanish residents and very few foreigners, the drop in economic activity is enormous and is going to get even worse in the coming months, which means that many companies are going to lay off staff and close down.
As far as the property sector is concerned, in our opinion, national demand had remained alive in the post-confinement months, but we have already begun to appreciate the drop in property activity which, together with the tightening of mortgages in the coming months by the banks, we think will produce a notable reduction in purchases and sales. The real estate agencies and promoters specialised only in foreign clients are practically on "stand by", with demands that they cannot meet due to the impossibility of travelling to our country.
With all this scenario, we believe that there will be a price adjustment in the big cities that have suffered large increases especially in the last two years, a slight adjustment on the coast due to the fall in foreign demand and that to a greater or lesser extent its value will depend on what prolongs the pandemic. For companies like ours, all that is left is to pull out all the stops, work constantly and tighten their belts.
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