CORONA VIRUS IMPACT ON REAL ESTATE COMPANIES IN ASIA

One of the crazy facts is that Corona Virus is impacting multiple sectors. May it be service sector, industrial sector, the global economy or even real estate! But how?

Let’s dig deeper into how Coronavirus is becoming popular in the upcoming days. COVID-19 epidemic, loosely known as the Coronavirus, started in China in 2019, end and began to spread all around the world. The latest figures showing the data until February 28 predicts about 83,000 cases in nearly 53 countries. The bright side is that only 2,800 deaths have been reported.

Many global health experts have given their opinions about Coronavirus outbreak, and other stakeholders such as economists have related it with the conditions it is having all around the globe. It is vital to understand these problems and solve them on a prompt basis.

WHAT ARE THE GLOBAL HEALTH EXPERTS SAYING?

They are scrambling to get a hold of this disease and businesses are preparing their contingency plans. This brings me to my point that the real estate sector took a HARD HIT where this virus was affecting.

Related industries are also affected, such as;

• Retail
• Hotels
• Restaurants

Let’s share some key experiences of real estate companies so far.  

According to Bloomberg, about 80% of the total stores have been closed in China, such as NIKE, ADIDAS, STARBUCKS, ETC.

 

IN INDONESIA

Tourists have made about 20,000 cancellations as hotels and restaurants have been closed down.

IN VIETNAM

As per the Vietnam News Agency (VNA), people have cancelled their tours for March & April. This has equally damaged the real estate and tourism sector. It is one of the important cities being in Asia, which has resulted in problems for tourists.

IN SINGAPORE

Real estate companies in Singapore are also freezing wages. Singapore is the largest property developer, but due to the COVID-19 outbreak, there has been constant not-so-stabilization.

WHAT EFFECT CAN IT HAVE ON PAKISTAN ECONOMY?

Global policymakers are still trying to ease public anxiety as there is an economic hit. Finance ministers and central banks held an emergency call to discuss the outbreak as there is a slow change seen through economic impact filtered on the real economy. 

As the Chinese economy is “hibernating”, every product “made in china” is not coming along. People are looking at the situation in a negative manner and evacuating more Pakistanis day by day. 

Many investors in real estate Karachi are also afraid of economic conditions which is why they are not investing in real estate projects right now. This is why; they must take advice from real estate investors and get to know all about projects.

WHAT DO WE HAVE?

On scheme 45 gadap road, we have a spectacular project known as Barkaat Presidency where you have the fantastic opportunities to invest in villas, apartments and commercial units. This is one of the most spectacular opportunities so that you can start living your life in an instalment-based project without any deflection in your financial schedules.