BUSINESS

Property demand has not been infected

NIKOS ROUSSANOGLOU

TAGS: Property

Demand in the property sector is proving surprisingly resilient amid the coronavirus pandemic, as a survey by property ad website Spitogatos has revealed that 85 percent of candidate buyers or tenants do not intend to delay or cancel their decisions due to the change in conditions.

This is a particularly positive development, both for the future of the property market and for the economy in general, as it will moderate the negative impact on the realty sector; as a result, all other related sectors stand to benefit, such as construction, furniture manufacturers, aluminium producers, tile stores etc.

The Spitogatos survey took place on April 14-30, with 16,000 users of the platform submitting responses. It showed that in spite of the conditions created by Covid-19, only 15 percent of users said they were considering postponing their plans to buy or rent a property.

Another 41 percent of respondents said they are worried but do not intend to put off their plans under the new conditions, while 30 percent said they are more optimistic and will continue looking for a house. There were also 13 percent of users who said the situation does not affect their decision at all and 1 percent who have already made their move during the pandemic. Just under three in five (59 percent) are looking for a main residence.

Spitogatos chief executive Dimitris Melachroinos stated that “it was with interest we discovered our users remain active – particularly in the latter half of the quarantine – not only in seeking properties but also in taking the next step of contacting the people placing the ads at the same rate as before the movement restrictions.”

He added that users who responded during the first few days of the survey appeared less optimistic than those surveyed in the last few days – i.e. close to when it was announced the restrictions would be eased.

Melachroinos further pointed out there is currently an accumulation of demand, so it will be interesting to see how the new balance of supply and demand shapes up in the coming months and how it will affect prices.

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