The demand for housing accelerated in Jan-Feb 2020 helped by last year’s low base and record low FX mortgage rates, before plummeting again in March due to Covid-19. Notably, apartment sales continued solid growth in 1st half of March 2020, before state emergency and lockdown was announced. In March 2020, real estate fundamentals were sharply affected by Covid-19 outbreak, putting real estate sales under pressure. Increased risks, combined with inflationary pressures and deteriorated consumer sentiments, bring back memories from 2008-2009 crises, when real estate prices and construction activity dropped sharply and it took 3 years to accelerate again.
Please see the full note here, which brings together real estate sale and price analytics for 1Q20, Covid-19 impacts and other statistical information available in the real estate market.
