Just as we were moving away from the turmoil of Brexit, we find ourselves facing a new hurdle: Covid-19. I say hurdle and not wall because real estate is a resilient industry and it will overcome this. It is a huge hurdle, though.
The usual rules of economics seem to have disappeared and we have been left in a place of contemplation and bewilderment. We have seen our marquee event Mipim postponed and many other interruptions to business. So how will this latest crisis affect real estate? I think the quoted property companies are going to face the biggest challenges. With monumental falls in the stock markets across the world, REITs and PLCs alike are seeing their share prices plummet. For already struggling players such as intu, coronavirus could be the final nail in the coffin. With many quoted property companies looking ’cheap’, I believe it will not be long before the vultures start circling.
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