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How big was the impact of the COVID-19 crisis on Pollensa's real estate market?
June 29, 2020

How big was the impact of the COVID-19 crisis on Pollensa's real estate market?

Following the interview, on Radio Pollença, with José Martín Morillo, director and co-founder of Pollentia Properties, the leading real estate agency in Pollensa, an interesting debate emerged on the impact of COVID-19 on the real estate market in Pollensa, and its outlook for the future. To this end, the current situation and the importance of this sector in the economy of the north of the island were analysed. The conclusions fill the real estate sector, and society itself, with optimism and predict a rapid recovery after this period of uncertainty.

 

The importance of the real estate sector in Pollensa

Today, Pollensa is a municipality where more real estate agencies can be found than anywhere else in Mallorca, thanks to the huge touristic attractiveness of its territory. Due to the growing interest of foreign investors in housing in and around the town, the aesthetic appearance and general condition of properties in the Pollensa area has improved significantly and now looks enviable. Strong competition has led to higher levels of service and support provided to the clients, which in turn has brought positive results for both property owners and potential buyers. Holiday rental companies, and real estate agencies involved in buying and selling properties, estates and plots, are promoting jobs in the local market. Both are stimulating Pollensa's economy, boosting activities in all complementary sectors, and supporting local commerce.

 

The situation of the real estate agencies during the lockdown period

As a result of the exceptional situation caused by the global health emergency, real estate agencies had to adapt rapidly to the changed circumstances. Initially, the sector suffered drastic changes, being unable to obtain cash from customer transactions, but it could benefit from governmental aid to overcome these problems. 2020 presented excellent growth prospects, with a notable increase in demand in Pollensa and Puerto de Pollensa, especially for villas and rural estates. However, the lockdown has led to the cancellation of foreign and local bookings, some due to the lack of travel options, and others due to a lack of funds.

However, despite these cancellations, there has been a lot of activity among real estate agents, property owners and customers. The exchange of information has been fluid and constant, and the interest in selling, buying or renting houses has not diminished, which shows that Pollensa's real estate market is stable. The efforts of the real estate agencies are focused on exploring new ways of satisfying customer demands, always maintaining the strictest health and safety measures. New proposals, such as virtual tours, which are widely accepted and successful, or the closing of transactions through proxies, have become more important these days. Both initiatives demonstrate the sector's interest in keeping the real estate business going smoothly. In this sense, the professionalism and the joint effort of the local agents and property owners, to avoid that the demand of the foreign market declines, play a fundamental role.

 

Future movements of the real estate agencies in Pollensa

Once the "new normality" has been established, real estate agencies can once again look to the future with well-founded optimism. Demand has not stopped, is persistent and has permitted many businesses in Pollença to maintain the work pace. Thanks to the work effort during the crisis, it has been possible to make progress in many operations that can be closed almost immediately. By maintaining this business flow, the sector is now in a position to guarantee its survival. In addition, the demand for effective and highly requested services, such as virtual tours, will grow. These are already part of our product portfolio, and are carried out with the highest level of health safety, to ensure the well-being of property owners and customers.

The UK market will continue to be a priority, given it's familiarity with the many qualities and attractions of the municipality. Pollensa is also likely to continue growing in the German market, not only as a tourist destination but as a residential one, just like the British market. The possibility of future outbreaks of Covid-19, together with the memory of the harsh conditions experienced during the lockdown, could also trigger the interest of the local and Spanish market. In fact, many people living in or near large cities might consider moving their usual residence to a quieter and more welcoming place, such as Pollensa. The expansion of telecommuting, the innovations in technology for voice-, data- and video-sharing, and the real prospect of easy access to any service from the new residence will undoubtedly contribute to this end.

 

 Here you can listen to the interview José Martín Morillo gave to Ràdio Pollença:

 

Contact your real estate agency in Pollensa to buy your home

We have witnessed the exceptional circumstances that have changed our lifestyle. In recent months they have had a significant negative impact on income and profits, but at the same time they have helped to reorganise Pollensa's property sector, which remains strong, thanks to high demand and its unique location. You are probably also in love with the north of Mallorca, so do not hesitate to contact Pollentia Properties, the leading real estate agency in Pollensa, with many properties on offer throughout Mallorca. 

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