Worldwide demand for real estate reduced by 1/3 during March 2020. Prices also have reduced. Because of various reasons. First being uncertainty of life. Second being people save money for medical emergency bcoz of corona virus. Third banks are not willing to finance bcoz higher risk. These many factors have pulled down prices of real estate. So, soon will be right moment to purchase real estate in Europe on huge discount. In places like Sicily, an Italian town prices dropped as low as $1 for a old house. Pandemic led people run away from these places.
Because of COVID-19 pandemic and unpredictable consequences of it, investors prefer to wait more before purchase of any real estate. According to research project by Knight Frank, 80% of all inquiries are for discounted real estate. Out of 80% half inquiries are just for sake of understanding changes in real estate market during pandemic. Majority of private investors are interested in commercial real estate. Only 25% of potential buyers look out for residential units.
Despite major European countries suffered the most from coronavirus there’s still huge demand from potential high net worth individuals for immigration programs. Approximately 20% of potential real estate buyers are ready to visit project site after international air travel permitted again.
As we can see demand for European real estate still available. After quarantine over investors and private buyers will get the best possible prices. This memories me famous phrase “During financial crisis rich people go for big shopping”. So, consider real estate purchase in Europe now if you saved enough money before the crisis.
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