2020 is turning out to be a very strange year indeed, who would have thought that when we were eating the grapes on New Years Eve, this year was going to turn out this way. I think it is safe to say that absolutely no one could have imagined it, or actually still knows what is going on or what will happen tomorrow!
Estepona has not escaped the craziness, after an incredibly hard lockdown that saw children not leave their houses for two months, and people borrowing neighbours dogs to just get out of the house. Estepona emerged to a reduced tourist season, the Brits largely had to stay away due to the quarantine measures of the UK government, and other nationalities visited, but in reduced numbers.
So, we are left with a lot of questions about Estepona, and its future in the property market. Firstly, will prices drop significantly? And if so, is it worth investing?
In the last five years, Estepona has developed into one of the most sought after areas of the Costa del Sol, it holds close its Spanish feel, and is simply one of the prettiest towns on the coast. The ´Garden of the Costa del Sol´ initiative has transformed the town, around every corner is a new park or floral arrangement, palm trees line the main roads and the little old town streets have plant pots in different colours. The result has been simple and stunning, and has only made it more desirable.
If Covid-19 had not happened, Estepona would have experienced its busiest summer ever, as booking rates were record breaking for summer 2020, and when Covid is a bad memory, those bookings will return. So for that reason, Estepona is still an excellent place to buy, there is no denying that property prices will reduce. However, it is very unlikely they will crash as investors will view Estepona as an excellent place to purchase and sit on properties until the economy turns around again.
The other reason why Estepona is a great opportunity is because Estepona is a lively, twelve month round vibrant town, and in the last five years has had a real shortage of long term rental accommodation. The shortage stemmed from Estepona been so popular as a tourist resort, and everyone choosing to rent out on a short term basis, which left long term renters out in the cold. Now we are seeing a change back, people are offering long term rentals, however the demand is great, and the opportunity to get a long term renter in your property until the tourists return, is very much an option.
So whilst there are still lots of ifs, buts and maybes about the situation, on the whole, Estepona is still an excellent opportunity. It is still being invested in, the new hospital will be opened within 6 months, and there are still many projects that are not just going ahead but are being brought forward in light of the pandemic.
If you have any questions, or if you would like to see what opportunities we have on offer at the moment, we would love to speak to you. Call Cherry on 0034 659 483 644 or email cherry@dolphinestates.com