HOW COVID-19 WILL AFFECT THE REAL ESTATE SECTOR STILL REMAINS UNCERTAIN TODAY.BUT WHAT WE KNOW FOR REAL IS THAT LIKE MANY OTHER SECTORS OF THE ECONOMY, THE REAL ESTATE MARKET IS BEING NEGATIVELY AFFECTED BY THE COVID-19 CRISIS. ALTHOUGH THE TRUTH IS THAT EXPERTS INSIST ON RECALLING THE NATURE OF THIS CRISIS, WHICH UNLIKE THE 2008 CRISIS IS NOT FINANCIAL, BUT HEALTH ORIENTED. THEREFORE IT FORESHADOWS A LESS DEVASTATING FUTURE.
THE CURRENT SITUATION IS UNPREDICTABLE, UNUSUAL AND ENORMOUSLY CHANGEABLE, AND THE SIZE OF ITS IMPACT WILL DEPEND ON ITS DURATION, ALTHOUGH MANY EXPERTS BELIEVE THAT IT WILL BE A SECTOR THAT CAN BE RECOVERED IN THE MEDIUM TERM. IT IS ALSO NATURAL IN THIS SITUATION THAT INVESTORS ARE IN A WAITING STATE BY ANALYZING MARKET BEHAVIOR AND INVESTMENT PRODUCTS AND INCREASING CAUTION IN SUCH ANALYSES, AS THE FALL IN THE REAL ESTATE BUYING AND SELLING FIRM CAN BE AFFECTED BY UP TO 15% PER YEAR
THE SIGNING OF SALES AND MORTGAGES HAS SUFFERED A GREAT REDUCTION, SINCE BOTH THE GENERAL ADVICE OF THE NOTARY AND THE COLLEGE OF PROPERTY REGISTRARS HAVE ACTIVATED PROTOCOLS ACCORDING TO THE SITUATION IN WHICH WE ARE TODAY. THEY HAVE RESTRICTED THEIR ACTIVITY ONLY TO STRICTLY URGENT. FOR THIS REASON, THE SALE PROCESSES THAT WERE PLANNED ARE EITHER BEING STOPPED OR THEIR DEADLINES ARE BEING EXTENDED. IN ANY CASE, A REBOUND EFFECT ON INTERNATIONAL INVESTMENT IS EXPECTED ONCE THE HEALTH CRISIS IS OVER, BEARING IN MIND THAT THERE WILL BE ATTRACTIVE RETURNS AT A TIME WHEN INTEREST RATES WILL REMAIN AT HISTORIC LOWS, AND WHERE INVESTORS WILL TAKE ADVANTAGE OF THE SITUATION. BUT ALL THIS CAN ALSO LEAD US TO A POSITIVE POINT IN FAVOR OF THE REAL ESTATE SECTOR, EITHER BY A PARADIGM SHIFT BEFORE COVID-19 AND WHERE WE CAN REMOVE ALL THE FOUNDATIONS OF THE BUSINESS MODELS THAT WE KNOW TO DATE SINCE THE RESTRICTIONS AND NEW RULES THAT CAN BE APPLIED TO SOCIAL REINTEGRATION WHICH WE WILL HAVE TO MEET IN THE VERY NEAR FUTURE WHAT HAVE CAUSED A FORCED AND DIZZYING ADAPTATION.
A SITUATION FROM WHICH, IN MANY ASPECTS WE CAN BE STRENGTHENED, IN ADDITION TO MODERNIZING, ENTREPRENEURS WILL HAVE TO EVALUATE A STUDY IN THE FACE OF THE IMPLEMENTATION OF NEW TOOLS, IT IS LIKELY THAT, ONCE NORMAL HAS BEEN RESTORED, THE OPTION OF TELEWORKING WILL BE CONSIDERED BY A LARGE NUMBER OF COMPANIES, WHICH WILL MEAN A CHANGE IN THEIR NEEDS, DRIVING INITIATIVES THAT WERE ALREADY GROWING LIKE COWORKING.
BUT IN THE END, AS WE HAVE ALREADY MENTIONED WE WILL HAVE TO WAIT TO KNOW THE DURATION OF THE RESTRICTIONS IN ORDER TO ESTIMATE THE IMPACT THEY MAY HAVE ON THIS SECTOR AND THEN START TO ACT CONSCIENTIOUSLY TO BE ABLE TO RECOVER THE SECTOR AS SOON AS POSSIBLE AND WITH THE MINIMUM POSSIBLE IMPACT.