Coronavirus takes heavy toll on activity in real estate market

Posted on October 8, 2020

• During the 2nd quarter of 2020, the Real Estate Asset Price Index (IPAI) fell, quarter on quarter, by 3.3%, which included 3.8% decrease for residential prices, 3% for land and 0.9% for lands used for professional use • The volume of transactions, recorded a decrease of 42.8%, reflecting the decline in sales • On a year-over-year basis, prices fell 3.3%, with declines of 4% for residential assets, 2.7% for land • Number of transactions decreased by 56.1% compared to the same quarter of last year, resulting in declines of 55.3% for residential, 59.1% for land and 57 , 2% for goods for professional use. • In terms of land, quarter over quarter land prices fell 3% and transactions declined 53.7%. • On a year-over-year basis, land prices fell 2.7%, and the number of transactions was down 59.1%. • Price index of goods for professional use fell by 0.9% from one quarter to another, covering a decrease of 1.5% prices for commercial premises and a 1.4% increase in those for offices. • On a year-over-year basis, prices for business goods fell 1.3%, reflecting a 1.9% drop for commercial premises, while office prices rose 2.5%.