By the time of writing this blog, the global cases of Coronavirus have already reached at least 113, 85. This is based on the figures released by the World Health Organization. The global deaths, on the other hand, is already at 4, 015. The Coronavirus, which is also known as COVID-19, is currently affecting to over 115 countries. This situation not only affecting the health and lives of many people. The world of business is also changing because of this. Some companies already stop operating. Almost all business events are cancelled. A massive threat to the global economy.
One of the industries that are affected by this situation is real estate. What are the effects of Coronavirus to the current housing market?
- Because buyers stop going to open for inspections and auctions, it could derail sales.
- It could stop the global supply chains. A lot of country’s building supplies are imported from Asia. A longer-term threat to building projects.
- Continued travel bans will result in more prolonged vacancies for landlords in the suburbs. It is an additional danger to the housing market.
These are just a glimpse of the effect of Coronavirus to the property market. If the situation will worsen, but I hope it will not, there is a lot more danger in the global economy. A recession in the marketplace will result in rising unemployment.
Even with all of this threat, we can still see the light. There’s always a positive side of everything. History showed that although markets do take a fall during an outbreak, they will quickly bounce back relatively once the issue is resolved. There’s still a big chance for recovery for markets including the real estate industry.
Let’s hope for a better result. Let’s pray together and let’s help each other. No matter what industry we’re in, unity for the betterment of everyone is what we all aim. Keep safe everyone!