The recovery of the real estate market «will be conditioned not only by the duration of this crisis but also by the cooperation between owners, tenants and final users, as well as by the capacity of the economic incentives which might be received through tax and labour measures and by the activity reactivation within each segment», explained Elisa Navarro.
Motivated by the unprecedented crisis the COVID-19 pandemic caused on the European real estate market, European Company Property Management MGVM, published a second release where it shows the impacts and changes which will affect the sector. This second release follows the one published in April, which had presented the first known impacts of the coronavirus on the European real estate sector.
The governments from each country have implemented assistance measures and, some of them, are carrying out assistance to support the viability and continuity of real estate in the mid and long-term.
Different recovery paces
MGM's release points out that the real estate market’s recovery will not be the same on all segments, since some are more resilient, such as the industrial and office segments, whereas others will recover more slowly, in particular the hotel and retail segments. Despite the fact that some European markets have already started recovering, the risk might appear with the late recovery of the countries most affected by the pandemic within the EU: Italy, Spain and France.
Elisa Navarro, also stated that «while we navigate this new reality, we must be flexible and adapt quickly to the changes and new currents within the sector».