IN normal times, the end of June is the ideal time for a mid-year review of the property market. An examination of the market data, in the various sectors relating to supply, demand, price, and viability will be essential. Also, the trend in prices and their analysis will give strong statistical suggestions of the future market in 2020.
- Until a vaccine is invented, uncertainty will continue as a variable within the property market;
- The virus impacts strongly on people with underlying health conditions;
- The pandemic will strongly impact on individual businesses, or business sectors, which had exhibited underlying weakness prior to March 2020 (public houses, non-food retailing);
- The virus thrives in crowds. All building uses that create a ‘crowd’ environment will be impacted severely by the obligation for social distancing.
Frank Ryan is a director of Cushman & Wakefield, Cork