A much deeper crisis but one we face with invaluable experience from the past. That is how Ismael Clemente, CEO of Merlin Properties, is defining the impact that Covid-19 is having on the Spanish economy and, consequently, on real estate. The sector is using what it learned after the bubble burst in 2008 to face the pandemic now.
“This crisis is different from the previous one. The recession of 2008 was based on hyper-indebtedness and it was triggered by the real estate sector itself. This crisis has been caused by an exogenous factor, which has devastated demand and which has had a sharp negative impact on GDP, with significantly more job losses in the United States”, explained Ismael Clemente during the sectoral meeting organised by SimaPro and attended by Brainsre.news.
