A brighter future

The global economy remains immersed in a phase of intermittent lockdowns, as predicted at the height of the first wave. Even so, the extraordinary nature of this process leaves us with a feeling of total uncertainty.

After the sharp slowdown in the second quarter, activity levels have gradually returned to more reasonable levels. This is in line with the dysfunctional situation we find ourselves in. On the other hand, the United Kingdom began vaccinating its citizens on 8 December.
The United States began on 14 December. Spain hopes to be doing so before 10 January.

Regardless of the ups and downs that are likely to occur during the vaccination process, the most likely scenario is a recovery in public confidence within the first half of the year. With this recovery in confidence,
business expectations will improve significantly and, driven by this optimism, investment and economic activity will rebound markedly.

It is true that during 2020, the sector has been seriously impacted by the shock of the pandemic. Unemployment will remain high and household incomes are undoubtedly being affected. As a result, the property sector will continue its adjustment process. However, we are convinced that not all products will suffer equally from the consequences of the current crisis.

The end of 2020 reflects this uncertainty and is proving to be a period in which investment remains subdued. We are very optimistic about what we can expect from the property market over the next three years. This is particularly true in expanding product niches, where specialist developers will have a substantial advantage. The window of opportunity to take advantage of the shock we have experienced begins on 1 January 2021.

At AYCO, we are working hard to seize this opportunity and fill this space with an offering that meets the new standards of sustainability and low impact.