Having not yet fully recovered from the last crisis, the Spanish real estate sector has been hit by a new worldwide cataclysm: the Covid 19 coronavirus, a phenomenon with serious health, economic and social consequences.
While the sector struggles to cope, with economic activity at a minimum, some experts are beginning to talk about the paradigm shift that this crisis will produce. “The hotel sector will suffer after several years as the star asset,” explains Carlos Portocarrero, Partner and Head of Real Estate at Clifford Chance, in a virtual meeting organised by Grupo Iberinmo and Asprima. “Furthermore, there could be a double whammy because we don’t know how consumers will react once the crisis has passed and also because there may be a change in the habits of companies with regards corporate travel, as we are quickly getting used to doing a lot of work by video call”, he points out.
