The COVID-19 pandemic has so far had a strong impact on the global economy, affecting multiple areas and somewhat changing the rules of the game for businesses around the world. RE / MAX wanted to know more about how this period influenced the real estate market, and for that he conducted an extensive study at European level and interviewed over 2000 of top RE / MAX brokers and agents, from 27 of countries.
The study focused on the effects of the pandemic on real estate transactions on the European market, at the same time following the change of the buyers' behavior.
The main results of the study on the European real estate market, in the 2020
Although the pandemic has created difficulties in trading properties, most real estate agents expect rents to remain at almost the same level as in 2019.
The only countries that anticipate a decline in this area are Malta, Greece, Slovakia, Slovenia and Montenegro, while Turkey predicts a growth in the real estate market in 2020. simultaneously, although the rental part remains in place, agents expect sales to enter a downward slope.
France, Bulgaria and Poland are already seeing a growing interest in buying houses, which in the next period become more sought after than apartments.
On the price side, decreases of 5-10% in the value of the apartments, as a result of increasing interest in homes. Germany is the exception, the situation here being almost at the opposite pole: the inhabitants are mainly oriented towards the apartments in the urban area.
No matter what worries you have – care, evident, in such a context they are natural – don't forget that the need to sell / buy will not disappear, even if it will diminish, as he stated andMichael Polzler, CEO al RE/MAX Europa:
“It is too early to say exactly what the impact of the pandemic will be on the European real estate market, especially because the situation differs from country to country. However, even if property prices change, real estate remains a safe long-term investment and continues to generate profits.”
Find out the most interesting conclusions of the study, to get an idea of the evolution of the European real estate market in 2020.