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European Covid-19 property management recovery varies per country and segment

7 months ago

The unprecedented Covid-19 crisis is causing and affecting the main magnitudes of the European real estate market. Aid measures have been approved by the Governments of each country. A large part of the property owners have taken solidarity and support decisions for the tenants in order to achieve the viability and continuity of the business in the medium and long term.

Maarten de Haas, CCO of MVGM: “The recovery of the Real Estate market will be conditioned not only by the duration of this crisis, but also by cooperation of landlords, tenants and visitors as well as the capacity of the economic incentives that, from all angles, can be received through fiscal, labor and activity reactivation measures in each of the subsectors.​”

Stéphane Thauk, MD of MVGM Luxembourg : “The real challenge now is to prepare for recovery while taking into account the current situation. The coronavirus pandemic forces us to review our methods, our approaches and therefore our financial and commercial strategies.”

Suffering segments contrary to some resilient recovering segments

The recovery of the Real Estate market will not be the same in all segments, some of which are very resilient, while others will suffer from a slower pace of recovery. Although some European markets have begun to recover, the risk could arise in the late recovery of the countries most affected by the pandemic within the European Union: Italy, Spain and France.​

Flexible Property Management

Walter Sas, COO of MVGM: “As we navigate in this new reality, we will need to be flexible and adapt quickly. We sympathize with the Covid-19 affected. At the same time we offer our knowledge, experience and recommendations to help the Real Estate Market overcome this situation in the shortest possible time.”

Stéphane Thauk, MD of MVGM Luxembourg : “The entire property management team is mobilized to be ready for reopening. In fact, the ability to be flexible on how to manage requests, on how to react to emergencies becomes, with this current situation,  the most important thing.”

MVGM compiled this second report following up on the report published early April with first EMEA insights of the impact on Property Management. All the data in both reports comes from the MVGM portfolio under management, and from the publications made in the media at all levels until the 22nd of April 2020. The MVGM team in Spain, led by Managing Director Elisa Navarro, gathered information from all teams in the 10 European countries where MVGM is represented.

View the full report:

MVGM EMEA COVID-19 Property Management Impact