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How is the property market coping with Covid-19

The Covid-19 pandemic has caused global economic turmoil and has disrupted consumption and supply chains across the world. Cyprus is once again facing an immense challenge that is exacerbated by the global interconnectedness of its economy.

The situation calls for ongoing monitoring to ensure proper understanding and sound decision-making. At Ikiahomes Cyprus, we adjust our business based on three Industry Pulse reports by EY for the Banking, Real Estate and Hospitality sectors.

The reports aim to provide sector-specific perspective with regards to the impact of COVID-19, in conjunction with fiscal and monetary policy response and include our own assessment of likely scenarios and trends. In this report, we focus on the Real Estate sector. Our team has spoken with Real Estate sector executives and leaders to obtain a real collective sense of their sentiment and expectations of this crisis, their views in relation to the response measures to date and their insights with regards to recovery scenarios and trends.

This article will be updated periodically and shall incorporate the most updated publicly available information in relation to the impact of the virus on the aforementioned industries, the government and regulators’ response actions as well as an updated economic assessment in accordance with our view.

The abrupt disruption of the COVID-19 pandemic may change the face of real estate permanently. To thrive in this new world, stakeholders must embrace innovation, invest in technology and trusted intelligence, and build flexibility into business.

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