A FAST and effective vaccine rollout will see a 5% boost in property sales across Spain, according to experts.
If the country’s vaccination plans are successful, the property market could help release a pent-up demand of €30billion of savings from small investors and families.
The positive prediction was made by the Official College and Association of Real Estate Agencies and Agents of Madrid at an event held last month.
José Meléndez Pineda, director of the Statistical Processes Center of the Spanish Association of Registrars, said that the rise of vaccinations could result in an improvement in the market from September onwards.
He added that by the end of the year Spain could see a growth in home purchases by a maximum of 5%.
Last year 420,000 home purchase and sale transactions were made across the country.
Another expert from the same event noted that the number of MVI applications had risen to a 6,000 valuation reports per month.
The Real Estate Valuation Methodology (MVI) of the Spanish Association of Registrars is used by real estate professionals to obtain information on the sales carried out, deeded and registered, in recent years and updated quarterly.
“MVI is a tool to help the appraiser define the market according to the location, age and surface area of the property, but it is not an appraisal tool,” said José Meléndez.