Over 90% of real estate companies are now reporting that the coronavirus pandemic is affecting their business activities. This is a 20 point increase from a previous survey carried out in early March.
Real estate information provider Lifull surveyed 750 companies between April 6 and April 12. 91.7% of them reported impacts on operations. For developers, the number was highest at 95.5%.
Over 70% reported a decline in inspections, customer visits to offices, and inquiries. Half of the companies have had difficulty in obtaining masks, antibacterial gel and other protective items for staff. Only 2.5% reported an increase in online inspections and virtual tours.
On the sales brokerage side, almost half reported a delay to or cancellation of negotiations. On the rental side, 20.3% of management companies are fielding inquiries from tenants wanting to reduce rent, while 11.6% reported issues with tenants falling behind in rental payments.
This time, 98.6% of companies were concerned about the future impact the virus might have in the industry, up from 91.9% of respondents in March.
Source: Lifull Co., Ltd., April 21, 2020.
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