ARENCORES MAGAZINE Issue |No. 8 (Updated)
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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For Greece, unlike the 2009 financial
crisis which was caused by a
dramatic breakdown in the banking
and credit system of the country,
this unprecedented and multidirectional
crisis is instead a result of
a global disruption in commercial
activity.
As we move forward into this uncharted
territory, the responses to
the crisis should be founded on the
basis that will establish systemic integrity
and economic viability.
the construction sector of Crete.
Greece.
For the initial survey analysis, we
shared responses from our contractors
and subcontractors in our
first brief. In the next iteration, we
released the second brief, comparing
the project managers response
from the first brief with the new
survey responses from investors
and stakeholders.
The COVID-19 pandemic – and its
associated risks and uncertainties –
is a serious threat not only to global
health, but to our local societies, our
economies and our investments.
How to deal with a situation like this, a
massive outbreak, would catch anyone
off guard but through our synergistic relations,
open dialogue and a communal
framework about our investment continual
operations and risk management, I feel
as though I’m better suited to deal with a
similar situation if it were to ever happen.
Mark Lewis - Property Investor in Chania, Crete, Greece
We feel it’s important to ask project
managers, investors, and stakeholders
what are the top concerns
about the pandemic and its impacts
on our sector. We surveyed nearly
50 project managers, contractors
and investors currently involved in
ARENCORES CHANIA REAL
ESTATE MAGAZINE
13
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