ARENCORES MAGAZINE Issue |No. 8
This issue of ARENCORES Magazine comes at a time of significant economic and societal disruption because of the pandemic crisis. Much has been written about how Covid-19 will reshape travel, tourism and retail in the island of Crete. Less has been said about what it will mean for the local real estate market. How the uncertainties associated with the pandemic will epitomize the excess that may lead to a deeper recession? How the local and foreign investors think about of what is still to come – namely a long period of falling property prices? At the moment, the extent to which this health crisis will affect the real estate market is unknown.
This issue of ARENCORES Magazine comes at a time of significant economic and societal disruption because of the pandemic crisis. Much has been written about how Covid-19 will reshape travel, tourism and retail in the island of Crete. Less has been said about what it will mean for the local real estate market.
How the uncertainties associated with the pandemic will epitomize the excess that may lead to a deeper recession? How the local and foreign investors think about of what is still to come – namely a long period of falling property prices? At the moment, the extent to which this health crisis will affect the real estate market is unknown.
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IMAGE SOURCE: UNSPLASH
The significantly large drop in bookings and
decline of interest for properties and new
commercial and residential projects are just
two parameters behind the current crisis, the
other and most crucial being the ongoing uncertainty.
The plunge is putting Crete’s tourism industry, real estate
investments and construction activity at risk. Moreover, the
health and safety risks of COVID-19 vary from project to project
and to comply with the new health and safety precautions
requires sinergistic relations with medical, scientific and government
guidelines to provide a safe working environment.
IMPACT ON THE
CONSTRUCTION
ACTIVITY IN
CRETE
IMAGE SOURCE: UNSPLASH
ARENCORES CHANIA REAL
6 ESTATE MAGAZINE
ARENCORES CHANIA REAL
7
ESTATE MAGAZINE
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