Open spaces, balconies, terraces ... The pandemic has changed many consumer habits, including in the real estate sector. Housing, which has become in demand in pandemic context, is distinguished by good location, comfort, and most importantly, a space where you can not just live, but work and relax.
“The situation will tend to stabilize if the pandemic ends, because after this event, things will gradually return to normal and demand will adapt to other needs in the future,” explains Valentin Rodríguez Alonso, Member of the Spanish COAPI General Council.
The expert warns that although consumer preferences have been articulated around large, open spaces, “not all customers can afford a large house with a garden.” Rodriguez explains that these houses “are situated in very well located areas or are villas, which means they are expensive and many families cannot afford them.” Despite this, the expert clearly points out the added value of an open-space house: “The market prefers an open-space house at a similar price.”
“The houses that have been advertised in recent years are located on the outskirts of cities, where many new buildings have been built without balconies due to the high price,” says the expert.
Rodriguez believes that houses without open spaces will be in demand by “investors who buy them in order to integrate into the rental market” and individuals who are going to use them as their homes.
Finally, Rodriguez assures that while the availability of open space is the determining factor in the future, location principle of real estate will prevail. “Location is the most decisive element in property pricing,” he notes. Although, according to the expert, the added value of the terrace will greatly influence the customers' purchase decision. “Obviously, if you have to choose between two properties in similar areas, one with open spaces and the other not, then the one with balconies or terraces will be sold out easier,” he adds.