AT the time of writing, the Balearic Islands only have 1,606 patients who have tested positive for COVID-19, with 117 deaths – very sad for the families, but considering the forecast, these are excellent figures (obviously the figures will differ from the true numbers, since many with minor symptoms will be at home and unregistered).
The Balearics appear to have locked down their borders in good time, and the measures taken have limited the spread.
The Balearic Islands of Mallorca, Ibiza, Menorca and Formentera have had one of the lowest infection rates in the Kingdom of Spain – we have flattened the curve with great success.
With Boris Johnson nearly a casualty by all accounts, British and US figures are still climbing, with the forecast not looking great, particularly for the US.
We haven’t seen the peak of it yet and who knows when this will start flattening on a global level, but one thing is for sure, our global economy is in chaos and there will be much fall-out.
In Spain some restrictions have started loosening already with some non-essential workers permitted to return to work.
We are all hoping that by the end of April we may actually be able to walk out in nature, hand in hand with our loved ones – something I will never take for granted again.
Who would ever have believed what was looming just around the corner at the end of last year?!
The Real Estate Market in Mallorca and the Balearic Islands
Past financial crises cannot be compared to this unprecedented global health crisis but we, as real estate agents, are confident of the resilience of the Mallorca and Balearic Real Estate Market in general.
The volatility of the stock markets and looming economic crisis will no doubt impact the property market, as well as the delays in opening our borders to external travellers.
However the COVID-19 realisation that we should not take life as we have known it for granted, may well encourage a new increase in demand for real estate investment opportunities in the Balearic Islands once our borders are re-opened.
On a domestic level, the COVID-19 lockdown will have highlighted the negative aspects of homes with little or no outdoor space, particularly in the city centre.
We anticipate an influx of properties in the lower end filling the marketplace, in a rush to exchange for homes with courtyards, gardens, terraces or roof terraces, with more versatile working and living spaces.
Not to mention an increase in the number of divorces brought on by the enforced family quarantine!
We will overcome this, in time, but I truly believe that the way we have managed to ride the COVID-19 wave will help to reaffirm the reputation of Mallorca and its sister islands to be a safe and secure place to invest in property.
Be safe, keep your distance and stay positive!
Amanda J Butler – an holistic approach to real estate in Mallorca.
MJC Associates – +34 690075169, firstname.lastname@example.org