“Open spaces, terraces and gardens are now highly valued by customers”, Jordi Ribó, CEO of ON Viure
The health crisis has opened a new scenario for the real estate market. Future challenges together with new priorities of customers are some subjects we have addressed with Jordi Ribo, CEO of our real estate company.
How do you think the current health crisis will affect the Andorran real estate sector and the international market?
The health crisis will affect the national and international real estate market in the same way. There will be two phases, the first phase in the short to medium-term where people will analyse their particular situation and therefore result in little activity. The second, in the long-term, where the real estate market is expected to recover, as we are not in an economic crisis. The paradigms and needs of families, however, are expected to change.
What will these needs be?
The idea we had of lifestyle as such has changed. The priorities of customers to decide on one home or another are different. Open spaces, terraces, gardens, etc. are now much more valued than before. In fact, we can already see some movement from urban centres to suburbs or other areas away from the cities.
Regarding the design of properties, entrances and halls, that were not being used much, are now regaining importance for hygienic safety. The same goes for extra bathrooms.
What was once a luxury, like spacious rooms, quiet areas, terraces and gardens might now seem like a basic necessity. What is your opinion?
Luxury as such has a very personal appreciation; everyone has a different idea of what luxury means. But it is true that needs have changed. Other priorities were valued in the past and after the health crisis and people spending more time in their homes, their needs and priorities are changing.
Do you think there is any type of property or geographical location in Andorra that has revalued as a result of the crisis?
The idea of living in the centre, close to work or service areas has become secondary. People are now looking at properties in parishes that are higher up the mountains with a terrace, balcony, garden and more privacy.
Do you think the market will change the dynamics of your profession?
With social distancing and confinement, the dynamics have already changed and are here to stay. We came from a technological era and we are now actively using all the existing technological platforms. Virtual 360º tours are not new but we are now promoting them and activating an online format of the American Open House system. New technologies and teleworking should be seen as an opportunity for the industry.
Does the strategy used to fight Covid-19 and in general to promote health safety, position Andorra as a quality residential destination?
The fact that Andorra has a plan and is fighting Covid-19 efficiently is the best medicine to position Andorra as a quality destination. In fact, there is some international interest on how we are dealing with the crisis. This is one of the issues that will be valued from now on, but it must go hand in hand with other economically attractive measures. If we manage to promote health control and the economy, I think Andorra can emerge stronger from the crisis. But all countries will be using the same strategies and therefore we need to act quickly and effectively.