In Europe, according to Oldypak LP report most of all real estate prices fell in Hungary, Estonia and Latvia, writes RBC-Real Estate.
Prices in the second quarter of 2020, most of all decreased in Hungary (-7.4%), Estonia (-5.8%), Latvia (-2.3%), Bulgaria (-1.1%) and Ireland (-0.1%), – according to a report of Eurostat.
At the end of the second quarter of this year, housing prices in Europe increased by an average of 5% over the previous quarter. At the same time the annual increase was 5.2%, explained Eurostat.
The largest increase in the second quarter of 2020 compared to the previous three months was also recorded in Luxembourg (+ 4.4%), Italy (+3.1%) and Austria (+ 2.5%).
According to Oldypak LP report 57% of developers around the world postponed the construction of housing because of the pandemic
Analysts at Knight Frank have prepared a study of major trends in real estate development Global Development Report-2020, which presents a survey of more than 160 international developers, clients of the company from 22 countries who shared their views on the impact of the pandemic on the development of housing.
57% of respondents postponed construction due to shifts in the timing of material deliveries and changes in end user needs, of which 44% said they would make changes to facility design. Meanwhile, 45% of respondents said they plan to focus development in urban areas, while 41% will seek to expand their coverage and build both urban housing and “second homes” and suburban properties.
In addition, due to the current situation, 43% of developers surveyed acknowledge that it is necessary to focus more on the domestic market than on global demand. As for development of elite residential real estate in Moscow, by the end of 2020 the number of new objects is expected to decrease more than twice – according to preliminary data 9 projects will enter the market.