The current situation caused by the COVID has completely changed the social and economic environment. Tourism has plummeted all along the coast and we don't know if it will recover soon. Amidst so much doubt, there are people who wonder whether it might be worth buying a property, to invest or to buy at a better price.
Let's take the example of Javea, one of the most surprising towns on the Costa Blanca. With so many tourists from all over Europe, it has suffered greatly from the effects of the pandemic; such as the limitation of movement, which has led to an increase in the supply of second homes and holiday homes.
According to data from the local land registry, property purchases by foreigners fell by more than 25%, mainly due to the great doubts and economic uncertainty in the country.
For this reason, a large number of holiday homes have been offered for sale in the last year and the purchase of these properties is gradually being reactivated.
So, regarding the first question we asked ourselves, the reality is that houses are being offered at quite reduced prices and there are those who can take advantage of this to find a good offer to buy a house.
This drop in buying and selling prices has directly affected rental prices. Many tourist homes have gone directly to the sale or with availability for long term rentals, which was almost unthinkable before.
Source information: lamarinaplaza.com