The real estate market of Spain and Portugal, despite the crisis due to pandemic COVID-19, has managed to maintain demand. In March, the cost of housing is even slightly increased. Consultants are not expected to fall in the short term. But some are waiting for discounts up to 30% in the next year, when many owners have to sell the property due to financial problems.The average value of residential properties in Madrid in March amounted to €2,8 million in sq. m, in Spain — €1,76 thousand, according to data from Idealista, which results in their study Knight Frank. In March relative to February, the cost of housing in Spain rose 0.3%, Madrid 0.2%. Compared to the same period last year the increase amounted to 1.6% and 3.2%, respectively. Knight Frank analysts point out that these data, together with high level suggestions online indicate steady and continuing demand for housing in Spain.Spain is one of the most affected by the pandemic COVID-19 countries in Europe. About 30% was in the country cases have on Madrid. Since March 16, the country began to operate a General quarantine, which was prolonged several times. However, since mid-April, the restrictive measures eased, resumed production and construction work. In Knight Frank indicate that total went back to work about 300 thousand people. In many big cities established a schedule of gradual withdrawal from the isolation of the businesses and citizens until mid-summer.However, the reduction in the cost of housing at Knight Frank does not expect, especially stable prices will be in the primary market.As follows from the data Idealista has not yet had a significant impact beginning of the crisis and the cost of housing in Portugal: in the first quarter of the national average it amounted to €2,06, an increase of 11.4% compared to the same period last year. Less stable was the cost of housing in Italy, in the first quarter, the average rate was €1.7 million is 2% lower than a year earlier. Founder Indriksons.ru Igor Indriksons while waiting for the real decline in prices the market will occur next year, when faced with the difficulties of the inhabitants of the countries affected by the spread COVID-19, will sell the property at a discount, the amount of which, according to experts, can reach 30%. Developers in the primary market, according to him, will be forced to react to the situation on the secondary market.Alexandra Mertsalova
