If the UK rolls out the COVID-19 vaccine in a fast and effective way, Spain will see a surge in sales of luxury property. This is what a new study by Rightmove suggests.
This week, airlines and tour operators noticed an uptake in flights from the UK to the south of Spain. It came after Prime Minister Boris Johnson revealed the country’s plan for living with Covid.
British property portal Rightmove with Spanish consultancy firm Arum Group found that buyers have been interested in luxury properties throughout the pandemic. However, travel and mobility restrictions paused this.
The study found that the average age of British buyer looking for property in Spain is over 55. They also found the average buyers to be male.
It’s expected that the UK’s over 50s will be vaccinated by early May. This means that international travel is looking likely. Head of Overseas & Commercial Operations for Rightmove, Rachel Beaton, said that Spain’s luxury real estate sector must be prepared as clients “will seek to act quickly”.
Online searches and virtual visits have already increased for luxury properties. CEO of Arum Group Jesús Abellán said, “The movers and shakers of Spain and Britain’s property market will be paying careful attention to how both countries’ vaccination campaigns are going over the coming months.”