The Ministry of Housing has published recently the information on the number of sales for the third quarter of 2020 and I have to say that the numbers are better than what I was expecting. It is true that in July, after coming out from the strict lockdown he had in March, April, May and June, we had an important increase of the activity in the market with multiple showings on the properties we were managing by potential buyers who were no able to visit those properties during the lockdown time but I never thought that the number of closed sales was going to reach the levels they have reached and, even less, that in Benahavis the number of sales in the third quarter of 2020 was going to be higher than the ones closed in the same quarter of 2019.
BENAHAVIS
Additionally, the fact that many transactions that were going to be closed in the second quarter were postponed due to the full lockdown and have been signed in the third quarter has also helped the real estate sales number. In summary and with reference to the charts on the right, the number of closed transactions went up 24% in Benahavis when compared to the same period of 2019 and went down in Marbella a –24% with reference to that same period of 2019. If annual variations are considered, the reduction of the number of sales in 2020 is on –19,2% for Benahavis and –24,7% for Marbella that, taking into account the decreases of almost 60% of the second quarter, is not a bad number for this complicated 2020. If the pace of the sales remains for the fourth quarter, we will reach about 450 closed transactions in Benahavis and about 2.500 in Marbella that, again, are really good numbers taking into account how covid-19 has affected during this year.
MARBELLA
I already mentioned in a previous newsletter that we are not facing a demand problem but complications with traveling restrictions and the fear to a covid infection. The pandemic seems to be a little bit more controlled now, at least in Spain, and we are starting to see the light at the end of the tunnel with the starting of the vaccination process but, when analyzing the data for the third quarter, we have to remember the situation at that time with high concerns about to the evolution of the pandemic and the economy. I do believe that the future is positive and that our area is still going to be highly demanded not only because the outdoors quality of life that the Costa del Sol offers has been reinforced by the pandemic but also because the lockdowns have proved that people can work online from the distance and enjoy the life in a more quality surrounding without losing efficiency and productivity at work.