Micro, Macro & Mezzo Geoinformation (Dec 2020)
IMPACT OF THE COVID 19 PANDEMIC ON THE GLOBAL REAL ESTATE MARKET
Abstract
This paper addresses the effects and impact of the global pandemic caused by COVID19 on the real estate global market, by presenting the data from the trend of real estate cycles in different countries of the world. All predictions were that after several years of growth across all segments of the real estate market, 2020 was anticipated to confirm this trend. Nevertheless, since late December 2019, a new type of Coronavirus began to spread across the world from China. In February and March 2020, most of the European countries were hit by the pandemic and were forced to impose restrictive measures on their economies and the free movement of citizens. Along the economy, the residential real estate market has also been affected. Undoubtedly, the pandemic caused has a massive impact on financial markets and the economy worldwide. Many investors, property owners, potential home buyers and landlords are therefore asking themselves: Is the Coronavirus crisis also affecting the real estate market? Are the property prices rising or falling?
