It’s been a tumultuous few weeks for countries across the world caused by the ravages of the COVID-19 pandemic. Cityscape Intelligence takes a closer look at what the experts are saying when it comes to the impact on global property markets.
Economic disruptions to help curtail the spread of the coronavirus started off small but have now reached "critical mass" in the U.S. and across the world, according to Allianz Chief Economic Advisor Mohamed El-Erian.
As one US-based expert put it, we’ve opted to put the global economy into a medically induced coma, a necessary freeze to prevent the spread of the virus.
Governments, businesses, and communities are facing up to the reality of Covid-19 and while the short-term impacts on economic growth, business activity, and individual behaviour are undeniable, experts maintain that the consensus is for a rebound in the global economy in H2 2020, the exact trajectory is unknowable.
For the global real estate industry, the effects of the pandemic are undeniable.
According to a recent JLL report on the global implications of the Covid-19, the short-term impact on global economic growth is undeniable, with those countries that are the most advanced in the outbreak already feeling the effects.