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Real estate agencies have been behind closed doors for several weeks due to restrictions imposed due to the covid-19 pandemic and three in 10 say they only have the financial capacity to endure another month in these circumstances.
According to a survey carried out by the website specialized in real estate, Idealista, 83% of professionals in the sector continue to work from home. And more than half (51%) of those surveyed report having taken advantage of confinement to close pending operations.
However, the current situation has weakened the situation of the agencies, with 29% considering that they only have the financial capacity to endure another month in the current circumstances. For 47% of branches, the maximum feasibility period with the current situation is two to three months. Of those surveyed, 9% point to a four to five month survival ability and only 7% would endure more than six months.
House prices and rents will drop
Regarding the prospect of price developments in the coming months, a large majority (71%) of real estate professionals anticipate a decrease in house prices, while 22% expect them to remain and the 7% do not know or do not respond.
Also in the rental market, the prospect is a drop in the value of rentals. This is the belief of 66% of professionals, while 26% anticipate stagnation and 2% bet on an increase. There is still 6% who do not know or do not respond.
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