ECONOMY

Pressure expected on hotel property prices

pressure-expected-on-hotel-property-prices

An increasing number of hotel owners are finding it impossible to meet their obligations, pointing to the likelihood of a selling spree this year.

With the collapse of revenues in 2020 and despite the government’s support measures, dozens of hotels face sustainability issues.

Property market professionals say that, as a result, unless there is a dramatic improvement in forecasts for tourism in 2021, pressure over the first quarter on hotel property prices will be huge, coming alongside a spike in forced sales dues to overdue debts and ongoing obligations. They add that conditions in the sector are reminiscent of the 2011-2015 period.