Altamira Singularity maintains its firm commitment to the marketing of new works and has noted some stability in the demand for a first home after the lockdown.
Altamira Singularity, the line of business created in 2018 by the Spanish leader of the servicers, Altamira Asset Management, to offer an all-in, personalised service with the exclusive marketing of newly constructed works, maintained its commercial activity during April and May despite the lockdown measures put into place in view of the COVID-19 pandemic and it has noted some stability in the demand for a first home after the lockdown.
Since the state of alarm was decreed, Altamira Singularity’s workforce was100% operational, providing a top-quality service to its clients. All in accordance with the evident precautions deriving from the health alert and the state of alarm.
The firm commitment to technology and the digital transformation of the sector undertaken by Altamira Asset Management in recent years has enabled Altamira Singularity to continue to provide its services electronically, with virtual visits to its dwellings or the digital signing of reservations, inter alia.
“Although it is too soon to quantify the impact that this pandemic will have on the pace of sales in the coming months, particularly until the employment and macroeconomic data have been reconfirmed, what COVID will definitely leave in its wake is the digitisation of the sector. Not only when showing the product, but also in its total online sales process”, asserts Ana Belén Fernández Carballido, the manager of Altamira Singularity.
The newly constructed first home market, the product in which Altamira Singularity is specialised, has withstood COVID and maintained the level of demand, and although at the strict lockdown stage sales generally fell, they are expected to get back to normal quickly, particularly the demand for replacement housing of the single-family or semi-detached type.
As regards the second home market, to be precise, purchases by foreigners, the recovery is not expected to start at least until international mobility is resumed, though a window of opportunity may emerge for opportunistic foreign investors who are trying to buy with a discount and do not need to come to Spain to formalise the operations. This greater activity by foreign buyers will gradually increase according to Altamira Singularity’s estimates, and it may get back to normal by late 2020 or early 2021.
After the strictest lockdown stage, Singularity resumed its in-person activity at the points of sale of its promotions, complying with the safety recommendations and protocol made by the health authorities for each of the de-escalation stage.
To drive the sector further forward, the line of business specialised in newly constructed works has also put into place exceptional reservation campaigns or payment protection insurance with a view to getting even closer to its clients at these times, without giving up its future plans despite the current restrictions and uncertainty of their personal circumstances.
In actual fact, during the lockdown period, Altamira Singularity completed the handover of the Villas del Mediterráneo promotion at the La Alcayna urban estate (Murcia) after drawing up the deed for the last dwelling a few weeks ago. This promotion involved 37 single-family dwellings in one of the most prestigious residential areas on the outskirts of Murcia.
Another sign of Altamira Singularity’s healthy position is the new, exclusive award of the marketing of a building in Travessera de Gracia (Barcelona), in an area very close to landmark sites of the city such as Sagrada Familia and areas with major tourist thoroughfare. The building is owned by Victoria Asset Management, the real estate asset manager of Oaktree Capital Management.