At the time of writing we find ourselves in Marbella in a surreal lockdown situation that we share with large parts of the world. In this sense there is a shared experience across most of the globe, but while our concerns are first and foremost with overcoming this challenge and getting life back to normality, many also find their thoughts projecting forward to the near future, when the current crisis is over and we do return to our everyday lives.
Like many elsewhere in the world, we think about how the period of relative inactivity will affect the economy, and in the case of Marbella such thoughts centre upon its impact on the local tourist and property segments. Many believe that we face a difficult 2020, with initially lower demand and reduced prices, but they also believe that this will create pent-up demand and price-based incentives that will form the basis for a solid revival in 2021, or even earlier.
Some small businesses in the area, as elsewhere in the world, will become casualties of the coronavirus’ economic impact, but most will survive, and here the tourist and property segments will emerge leaner and healthier in the end. The expectation is that the combined impact of post-lockdown economic packages, lower interest rates and reduced prices will bring activity levels back to normal before long, and for those in a position to buy in 2020, it could mean you find a great deal.
With stock markets likely to be bearish, property offers a more solid asset and investment option, especially in a location such as Marbella, whose unique quality of life and luxury amenities gives it an enduring appeal that only grows stronger with the years. If you were already in the process of buying or selling a property on the Costa del Sol and the coronavirus lockdown has put it on hold, it is important to make an agreement to postpone under existing conditions and resume when the lockdown is over.
You can, of course, also continue with the transaction or pull out of it, but in the latter case the buyer will lose their deposit. Talk to your agent and they will liaise and negotiate on your behalf. The options are many, so work with an experienced Marbella luxury real estate specialist such as Marbella Hills Home and we will provide you with expert advice backed by professional know-how and information.