"Real estate doesn't stop". This is the name of an instant survey carried out by Scenari Immobiliari, demonstrating the current feelings of real estate operators trying to understand how the future of the sector in Italy could evolve in the midst of the coronavirus crisis.
According to 79% of those surveyed by Scenari Immobiliari, the real estate market will decline by at least 10% in 2020. Expenses will be mainly related to tourism and related industries, i.e. hotels, holiday homes, second-hand residential properties and shops in non-central locations. On the other hand, 41% believe that the international market will also see a reduction of between 10 and 20%.
Institutional investments could also fall by up to 30%, slowing down a recovery that was beginning to make itself felt in big cities. Milan could be among the first areas to recover, but it will take at least six months. Speculative opportunities may come from price declines, while operators will boost collateral activities and services to sustain turnover and increase it when the sector starts up again at the end of the emergency.
In addition, 80% of those who took part in the survey believe that the consequences of this crisis will be felt in general terms and not exclusively linked to the most affected territories, while 63% believe that Europe will emerge weaker from this moment on.
Article seen at: Scenari Instant Survey - #ILRENONSIFERMA (Scenari immobiliari)
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