Corona Virus Effects on the Spanish Property Market

According to the latest report from the Spanish Notarial Association, sales in January 2020 fell by 5.9% compared to last year. Experts expect sales to drop by 60% or more from March and over the coming months.

Due to the coronavirus outbreak, Spain has declared a state of emergency, meaning that all citizens are to remain at home and have only limited movement to for example go to the supermarket to buy food, to the pharmacy to buy medicine or take the dog out for a walk.

All other outdoor activities have been banned and failing to comply with the coronavirus restrictions can carry a fine of up to 600,000 euros.

This measure will last until April 26th and could be prolonged if the situation has not improved.

The consequence for the real estate market sector has been immediately felt by estate agencies in Spain, which have had to close their business and cancel any viewing appointments.

Some public instances like notaries are open, but will only handle urgent matters.

If you are planning to buy or sell a house in Spain, please contact your solicitor or notary to see if the sale can go ahead or if it should be postponed.

If you are unable to buy or sell because of these measures, you can give your solicitor or intermediary a power of attorney to carry out the completion for you.

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