Spain is one of the countries with the highest percentage of second homes, either as an investment asset or as a holiday accommodation. However, the arrival of Covid-19 has considerably damaged this segment of the market. Uncertainty and health restrictions have prevented many foreign tourists with a second residence in the country from going to their homes for several months and sales dropped off significantly during the pandemic. In July, however, sales picked up again for second homes rising 29 percent.
A recent survey of 2,200 real estate experts said they were optimistic about the sector’s future, despite the Covid-19 pandemic. There’s been a fall in prices of between 5 percent and 10 percent and 44 percent of the experts surveyed predicted that the decline would continue in the coming months.
