Spain’s Property Transactions Slump Due to Coronavirus Pandemic But It’s Better in Costa Blanca and Balearic Islands Areas

SPAIN’S national property transactions slumped by an average of almost a third in March, compared to 12 months earlier, but deals were better in the Costa Blanca and Balearic Islands areas.

The fall was caused by the introduction of the country’s State of Alarm as lockdown rules were imposed in the fight against the coronavirus.

That led to estate agents closing their offices in mid-March and only being to operate via their websites.

The hardest-hit regions in terms of property transactions were Madrid, Asturias, and Navarra, showing drops in March of 30.8 per cent, 26.4 per cent, and 26 per cent respectively, according to the National Statistics Institute (INE).

In a slight contrast, the Costa Blanca fall within the Valencia region was not as high, and at 18.2 per cent, was one of the lowest drops in Spain, along with the Balearic Islands at 20.7 per cent.

The transactions covered by the INE include inheritances, donations and sales, among others.

“What is very possible is that the fall we’ll see during the month of April will be heavier than in March, given that March benefited from two weeks of normality,” said Anaïs Lopez, communications director at Fotocasa, Spain’s second-largest property portal.