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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SURVEY OUTLINES
17%
14%
ARE YOU EXPERIENCING ANY
DISRUPTION IN THE SUPPLY
OF YOUR MATERIALS OR SER-
VICES FOR YOUR CURRENT
PROJECTS IN CRETE?
22%
47%
Some construction projects in Crete have
been delayed, and a small number of projects
on the tourism sector canceled, as a result
of the impacts of COVID-19. In addition, the
majority of the respondents (53%) in this
survey indicated possible supply chain bottlenecks
of equipment and materials.
Yes, we are seeing severe disruptions
No disruptions
Yes, but only small in scale disruptions
No, but we anticipate some extend of disruptions for the following months
12%
ARE YOU EXPERIENCING ANY
DISRUPTION IN THE SUPPLY
OF YOUR MATERIALS OR SER-
VICES FOR YOUR CURRENT
PROJECTS IN CRETE?
10%
47% of the survey respondents appear
cautiously optimistic saying that no critical
Yes, we are seeing severe disruptions
supply chain disruptions are on the horizon.
No disruptions
The high level of optimism of respondents
78% Yes, but only small in scale in disruptions
Crete confirmed by the result that 78%
stated that they will continue to do a ‘business
as usual’.
No, but we anticipate some extend of disruptions for the following months
No
Yes, one or two projects wel be cancelled
Yes, but we will continue our investments after the end of the pandemic
The COVID-19 pandemic and its associated effect on the economic
activity is presenting a plethora of challenges to the engineering and
construction sector — challenges that could deepen depending on the
severity and duration of the crisis in Greece and globally.
Overall, impacts of the Covid-19 on the construction
activity in Crete are tough to judge
thus far; mostly investors, project managers
and contractors are anticipating no dramatic
slowdowns and project pause.
14
ARENCORES CHANIA REAL
ESTATE MAGAZINE
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