The After-Effects of COVID-19 on the Local Property Market
More buyers are looking to buy a property with outdoor space since the pandemic outbreak in 2020. Demand was already high, and buyers frequently demanded property with a terrace, balcony, yard or garden before 2020. That demand has intensified tremendously with many buyers making it a prerequisite, and demand for a property without outdoor area has declined considerably.
Surge in Demand
Values of properties such as maisonettes and penthouses have soared to unprecedented heights, making such property types much sought after. Moreover, apartments with terraces and sizable balconies, and ground floor apartments with large yards or back terraces have also experienced a surge in demand. The same goes for townhouses and villas.
Finding your Dream Home
If you own a home with an outdoor area, you are sitting on a gold mine! You will be able to sell your property quickly, provided it has a realistic price. On the other hand, if you are looking to purchase such a property, now is the time to buy. You can still pick up a bargain while most property owners are still unaware of the increase in demand for properties such as theirs. An estate agent can help you find the property of your dreams with an outdoor area and with a realistic price. There will always be individuals who need to sell fast. Only an estate agent will know of such situations.
Is the Price Negotiable?
The majority of properties with outdoor space are in the North of the island. However, it isn’t easy to identify the ones that aren’t overpriced. Try checking advertised prices, and you will get the impression that they are out of your budget. An estate agent will know how negotiable the owners are since the property would have been listed with the agency. That means a property priced at €300,000 may be negotiable by €50,000, while others only by a thousand or two. That makes a considerable difference in the eventual selling price.
Moreover, you will miss the opportunity to buy that property if your budget is around €250,000. You will also waste time viewing properties priced at €300,000 under the mistaken impression the owner will come down to €250,000 if he or she isn’t negotiable. That accentuates the value of using an agent to assist you in buying your dream property with an outdoor area.
The price of an apartment with a back or front terrace isn’t beyond your budget. There are numerous new units under construction with large balconies, and the stock of older apartments is still there. They aren’t overpriced, and you will be surprised by what you will find. If you buy on-plan, you can save even more if you are prepared to wait a few months until the block is ready. In that case, you will also be buying a property at today’s prices, rather than the price in a year, which may be up to 10% higher. We can assist you in finding your dream property, whatever your budget and personal requirements. A home with a large outdoor space can be yours!
