A LEADING Costa Blanca developer has warned of a ‘sharp slowdown’ in the holiday home property market due to border closures.
Pablo Serna from Torrevieja-based TM Estate Group says that European and Spanish COVID-19 travel restrictions are forcing new construction projects to be paused.
“New developments are being put on hold and we are expecting the next few months to be very tough if mobility is not restored,” said Serna.
He said that even with a decline in flights during July and August, holiday home purchases were good, but started to decline from September as COVID-19 cases roses and new travel measures were brought in.
“Things are starting to look bad and there is a lot of concern about the future,” Serna added.
The Alicante College of Surveyors reported a slight rebound in property deals between July and September of two point eight per cent, compared to earlier in the year.
That nevertheless was a 40 per cent drop on the same period last year in Alicante Province.
Pablo Serna commented that some areas of Europe will offer possibilities over the next few months.
“Citizens of countries like Russia and the Ukraine are not as afraid of the virus and are still looking forward to travelling to the Costa Blanca,” he added.