International real estate markets in the aftermath of COVID-19: the first data from the USA and Europe thanks to the Joint Webinar promoted by OPISAS.
On May 27 the first Joint Webinar on international real estate markets was held, organized by OPISAS with its knowledge partners NAR (National Association of Realtors), which represents 1.4 million realtors and CEPI (European Association of Real Estate Professions), which in turn has 26 national associations as members.
OPISAS opened the webinar acting as moderator, in line with its commitment to “build a bridge between US real estate market and its European counterpart”, and began by observing how “our operations started in 2008, when sub-prime crisis created the first, great opportunities for purchasing entire blocks of property in the USA for foreigners as well. We are now going through a new historical moment for real estate, and OPISAS is ready to catch any new chance generated by such situation, as we were back in 2008”.
During the event, several new data emerged from influential and foremost sources, such were the speakers “interviewed” by OPISAS: Mr. Joe Schneider (NAR Director of Global Strategy and Engagement) and Elisabeth Rohr-De Wolf (CEPI Secretary General).
The US real estate market strength is striking, even during the COVID-19 health emergency: the volume of real estate listings in the USA, in fact, explained Mr. Schneider, is down by just 5% if we compare where we are today to the last year, an overall limited percentage if we take into account the heavy lockdown measures enacted on most of US soil.
“So,” suggested NAR Director “people are still listing their properties across the US and the market is still active”. Apart from COVID-19, the USA, explains Mr. Schneider, is “a historically safe investment, as one of their guiding principles, not just for real estate but for the entire country, is based on private property rights”, and this is why it remains an interesting market for foreign investors as well.
On that regard, it is also worth noting that no relevant fluctuations in rent fees have been recorded, both in terms of delays and flexions, and how right now the projections on average property values are showing a slight bedding in the next six months. Values will be presumably followed by a bounce in the six following months, in line with current values if not even higher.
For what concerns the European real estate front, Ms Rohr-De Wolf referred to the European Commission's work in promoting the cross-border mobility of services, also for the real estate market, which CEPI communicates clearly to people working in the real estate industry. Such initiative could be the harbinger of great changes and developments for every professional in such field and for international real estate markets, if enacted in the desired way.
For watching the full version of the Joint Webinar about international real estate markets, click HERE.