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The pandemic caused by COVID-19 has a massive impact on financial markets and the economy worldwide. Many investors, property owners, potential home buyers and landlords are therefore asking themselves: Is the coronavirus crisis also affecting the real estate market? Are property prices rising or falling due to the coronavirus? We will get to the bottom of these and similar questions in the following.
1. Are property prices falling as a result of the coronavirus crisis?
2. Property price development for residential real estate due to the coronavirus crisis
3. Should I wait with the purchase/sale of my property?
4. How property sales work in the coronavirus crisis?
1. Are property prices falling as a result of the coronavirus crisis?
Worldwide share prices are falling and companies are experiencing heavy losses in turnover. This justifiably raises the question of how property prices will develop in times of the coronavirus crisis. According to current information, no unusual developments have yet been noted. It is therefore not yet foreseeable that real estate prices will fall due to COVID-19. On the contrary, it appears that the property market will remain stable in terms of prices, especially in the major cities.
The reason why the coronavirus crisis does not seem to have had much impact on property prices at the moment is relatively simple: real estate does not lose its attractiveness for investors in these times. A home can still be considered a stable investment in times of crisis.
2. Property price development for residential real estate due to the coronavirus crisis
Looking at the current property price developments, no unusual trends can be seen for the year 2020 so far. According to current information, prices in the major cities remain stable. However, no reliable statements can be made as to whether this will also be the case in the future. For a prognosis of how COVID-19 will affect property prices, there is simply too little market data available at present to assess the impact of the coronavirus crisis on the real estate market. However, as described, no major slumps have yet been recorded. This once again demonstrates the value stability of an investment in real estate.
3. Should I wait with the purchase/sale of my property?
Understandably, some owners and potential buyers are currently uncertain whether a property investment makes sense. From our point of view, however, we can overcome these concerns: in view of the largely unchanged market situation at present, there is no economic reason for investors and owners not to buy or sell a property. The low interest rate levels keep offering attractive funding options. For investors and potential buyers, the opportunity of real estate is therefore unchanged. In addition, thanks to the modern tools from Engel & Völkers, nothing stands in the way of marketing in times of the coronavirus crisis. The following section explains how a property sale currently works.
4. How property sales work in the coronavirus crisis?
The crisis caused by COVID-19 raises the question for many real estate owners whether a property sale can be carried out safely at the present time. In fact, Engel & Völkers has the most modern, digital tools at its disposal to handle house sales even when personal inspection of a property is no longer possible:
Virtual viewings with Matterport
Physical viewings of properties have become almost impossible due to the coronavirus crisis. Understandably, neither seller nor buyer want to be exposed to any health risks. But thanks to our cooperation partner Matterport, this is no longer an obstacle to selling a house. With the help of a modern 360° camera, a virtual 3D image of the property is created, which then allows you to view the property as if you were there - all from the comfort of your own home. Discover for yourself what such a virtual property tour can look like:
Even in times of COVID-19, we at Engel & Völkers are committed to making the marketing of your real estate a success or helping you find your new home. We would gladly inform you about all our digital options that can help you. We look forward to hearing from you.
Contact us now
Engel & Völkers
Licence Partner Costa Adeje
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Avenida Bruselas 18, Terrazas del Duque, Local 1138670 Costa AdejeSpain
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Phone +34 922 71 95 73Fax: +34 922 71 42 20
Real Estate Agency Engel & Völkers Costa Adeje in Tenerife South
Our real estate agency Engel & Völkers Costa Adeje in the south of Tenerife opened its doors in 2011. Since then our international and multilingual team has turned our store into the leading real estate agency in the south of Tenerife. Engel & Völkers Costa Adeje has a deep knowledge of Tenerife’s southern market and wants to help you either sell your property or find a perfect home in the South of Tenerife. We can offer you all types of properties, such as apartments, houses, villas, townhouses, semi-detached houses, farms and plots of land. Our license area extends from Los Gigantes, passing through Puerto Santiago, Santiago del Teide, Guía de Isora, Playa Paraíso, Callao Salvaje, La Caleta, Adeje, Costa Adeje, Golf Costa Adeje, Torviscas, Roque del Conde, Fañabé, San Eugenio, Playa de las Américas, Los Cristianos, Palm Mar, Arona, San Miguel de Abona, El Médano, Granadilla de Abona and even reaches the town of Arico. In addition, our office is conveniently located in the high-end tourist area of Costa Adeje.
Invest in the south of Tenerife
The southern area of Tenerife is one of the best and most popular tourist destinations in Europe. With its mild and warm climate all year round and with more than 300 sunny days, it attracts a large number of international buyers and investors. With more than 6.1 million visitors and 25.2 million annual overnight stays, Tenerife offers a wide range of investment opportunities. Furthermore, the Canary Islands have one of the best tax regimes in Europe and is located in a strategic enclave between Europe, Africa and America. Tenerife, which is the largest island in the Canarian archipelago, has seen economic growth with rates above 2.6%.
Quality of life
Not only is the south of Tenerife best known for having the best climate in Europe, it also enjoys a great quality of life thanks to its security, its good infrastructure, its multicultural society and the easy reconciliation of personal and professional life. Tenerife, also called "the island of eternal spring" offers a diverse educational programme, a quality public health system and first-class leisure options.
Spanish Golden Visa
Another key factor in the interest of the foreign public to invest in the South of Tenerife is the business law called “Golden Visa”, which was decreed in 2013, and which introduces visas and resident permits for investors who are not members of the European Union; all that is required is that they make a real estate investment in Spain for an amount equal to or greater than € 500,000.
Profile of property buyers in Tenerife South
The south of Tenerife is a holiday home market dominated by international buyers, such as Germans, Swiss, Austrians, English, Italians, French, Belgians, Dutch and Poles, who invest their money in buying second-home houses and apartments. However, there are also national and international buyers who change their residence, as well as small and large investors seeking stability along with profitability.
Buy apartment in Tenerife South
If you want to buy a house or an apartment in the south of Tenerife, do not hesitate to contact us. We offer a wide and updated portfolio of properties: houses, flats, apartments, penthouses, duplexes, semi-detached houses, single-family houses, villas, etc. located in the most exclusive areas of Tenerife.
Free valuation of your apartment or house in the south of Tenerife
At Engel & Völkers Costa Adeje we value your house or apartment free of charge and without obligation. If you want to sell your property, contact us.
Sell house in Tenerife South
To sell a property in the south of Tenerife, Engel & Völkers Costa Adeje is your trusted real estate agent. Thanks to a complete assessment made by our specialised real estate consultants, we will get you the best possible sale price. Your property is marketed by experts with more than 40 years of experience as well as being treated with the utmost professionalism. At Engel & Völkers Costa Adeje we work with values such as transparency, communication, adaptability, honesty and consistency so that the sale of your property is a complete success.
New developments in the south of Tenerife
A brand new house is a unique experience and an opportunity to enjoy a cutting edge product with contemporary and high quality finishes. At Engel & Völkers Costa Adeje we have a large stock of new build and off plan opportunities so that building your dream house is within reach.
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