A report released today by Spanish portal idealista has shown that house prices have suffered in the Spanish regions with greater Covid-19 infection rates. Regions such as Murcia, Andalucia and the Balearic Islands which have had relatively low infection rates are seeing house prices rise whereas Madrid, Navarra and Castilla & Leon, where infections have been greater, are seeing falling prices.
The research team at the Spanish market-leader consulted experts at Bloomberg as well as academics to analyse the latest figures and the prognosis was not great. According to Gonzalo Bernardos, an economics professor at Barcelona University:
“By year-end, prices will have dropped by 12%, because this is maybe the sharpest economic crisis we’ve had.”