Home sales in Spain will increase by 5% in 2021 if vaccination evolves favourably and the health context improves, as experts have pointed out during an event organised by the Official College and Association of Real Estate Agencies and Agents of Madrid Colegio Oficial y Asociación de Agencias y Agentes Inmobiliarios de Madrid (COAPIMADRID – AIM). It has also been highlighted that there is a pent-up demand for 30,000 million euros of savings from small investors and families, which can be reactivated depending on vaccination.
José Meléndez Pineda, director of the Statistical Processes Centre of the Spanish Association of Registrars, highlighted that if the vaccination evolves favourably, there could be an improvement in the market from September and 2021 could end with an increase in home purchases of 5% at most. 2020 closed with 420,000 home buying and selling operations.
On the other hand, the expert from the Association of Registrars highlighted the value of the MVI application, which is used by 2,500 real estate professionals and produces an average of 6,000 valuation reports every month.
“MVI is a tool to help the valuator to define the market according to the location, antiquity and surface area of the property, but it is not a valuation tool,” José Meléndez explained.
MVI is a Real Estate Valuation Methodology of the Spanish Association of Registrars, which is used by real estate professionals to obtain information on property sales actually carried out, deeded and registered, in recent years and updated on a quarterly basis.
