As we say ‘adios’ to the challenging year of 2020, the 2021 housing market could hold a few surprises of its own. It looks like buyers should be expecting a rise in prices and yet a bigger demand for houses. We look into what could be expected in 2021’s housing market on the Costa Del Sol.
2020 has been a very unpredictable year for everyone and the economy, so it is difficult to know exactly what to foresee in the year 2021 and whether property prices will increase or decrease. Could this be what is expected to happen in 2021?
New Demands Could Cause Increase In Home Prices
Continued interest from homebuyers might cause an increase in property buying.
This whirlwind of a year has seen a change in demands and wishes from home buyers including bigger family houses and more outside space. With these demands increasing amongst potential home buyers, the housing forecast could show prices continuing to rise in 2021, delivering a challenge for those first-time home buyers and those on a budget.
Home Buying Season To Begin During Summer
So if you are considering purchasing a property, it could be a good idea to put this as a priority on your yearly to-do list as prices are expected to rise, particularly in the second half of next year.
However, even with higher prices and therefore higher required down payments, it will not keep determined buyers holding back. Why is this exactly? This year, as we have spent more time than ever this year at home, people’s views on what’s important have changed. Potential home buyers are realising that having larger spaces with gardens is more important and are willing to drop the city apartment life to live on the outskirts of the city.
Therefore, the demand for single family housing continues to increase as families rather have homes where their children have the opportunity to play outside, in case of further lockdowns.
New Development Homes On The Housing Market
With regards to the new developments, while often more expensive than existing homes, are likely to appeal more than ever to families and new home-owners. The reason is they can enjoy a modern lifestyle with full use of amenities, resulting in a more comfortable living. Read here why the search for new development homes increases after Spain’s confinement.
While 2021 is expected to be another great year for sellers, it will be an excellent opportunity for home buyers, too as they can use their home equity to help finance their new home, despite the expected increase in property prices.
The biggest challenge potential home buyers will face in 2021 is finding the property of their dreams as the housing market continues to become more competitive. This is why having the right real estate agency to help you find the perfect home will come a long way.
We continue to put our clients first and help them with the entire purchasing process of a property on the Costa Del Sol, as well as providing an interior design service to create the perfect home you and your family deserve.
What Does The Future Hold For The Housing Market in 2021?
However, if 2020 has taught us anything, it’s that everything can change so quickly and nothing can be 100% accurately predicted. What do you think could be expected in 2021’s housing market?
If you have any questions regarding the housing industry or are looking to purchase a property along the Costa Del Sol. We are here to help under any circumstances!
Contact us today at sales@zocoestates.com or start exploring our large selection of properties, from existing homes to new developments and our featured properties.
Subscribe to our newsletter to stay up to date with the latest housing industry in Spain and be the first to get exclusive content on the hottest properties on the Costa Del Sol!
