While urban areas have rebounded more quickly than anticipated from the global disruption created by the Covid-19 pandemic, some cities managed to thrive throughout the ordeal. Some metropolitan areas with a severe shortage of luxury homes prior to the pandemic experienced a high volume of sales and rising prices, in part because of the new desire for larger homes and private outdoor space.
In addition, cities with a deep bench of wealthy domestic buyers, continued interest from international buyers, or both, continued to experience a robust luxury real estate market.
“I think people in general have been given a new appreciation for just how important ‘home’ is, as we were all forced to stay quarantined at home for several months,” says Jeff Curtis, agent, Barcelona & Costa Brava Sotheby’s International Realty. “Spacious apartments which have nice outdoor spaces and great distribution have become very valuable, even more so than normal.”
Several cities in Spain were particularly resilient.
In the luxury residential-property sector in Seville, average sales prices rose by 6% from the beginning of the pandemic, and sales increased by 30%, according to Sergio André, managing owner, Seville Sotheby’s International Realty.
“Our market, in comparison with other offices in Spain, is typically about 80% national, mostly Sevillians, and 20% international, mostly from France, Belgium, Switzerland, and the U.S.,” André says.