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Investors Postpone 70% of the Operations Underway Due to Covid

Investment is expected to fall by 30% to €9 billion this year; and 70% of real estate operations have already been canceled due to the impact of Covid-19.

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Real estate investment started the year at record levels, with operations worth 3,225 million euros recorded during the first quarter, the second highest value in the last 14 years, despite the fact that the State of Emergency to curb the expansion of Covid-19 was declared on 14 March. However, since then the lockdown has caused real estate sales to plummet in the Spanish market, according to data from the CBRE consultancy collected by La Vanguardia.

At a meeting organized by the Esade Alumni Real Estate Club, Anna Esteban, Director of CBRE’s Barcelona office, explained that a third of the investment projects that were underway before the pandemic have been abandoned: 12% have been officially cancelled, and another 18% are considered “at risk” because negotiations have not continued. 70% of projects have simply been delayed, although 51% have been postponed indefinitely.

Read the full article in Spanish.

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