RESPOND, RECOVER & THRIVE

Dear Friends & Colleagues,
As the effects of COVID -19 are felt around the world, real estate in general is being impacted in many different ways. The human and business impact of the COVID-19 pandemic continues to unfold globally. The rapid pace at which the pandemic is spreading and global actions to curtail it are having an unprecedented impact on the way we live and do business. While it is early to fully understand the impact of these events, history can serve as a valuable source of information as we look forward. Over the past century, external shocks such as an epidemic or a pandemic followed by an economic downturn have had an immediate to short-term impact on commercial real estate (CRE) asset prices, but minimal influence on transaction activity. However, the CRE industry recovered from these events at varying paces. While event-oriented downturns showed a quicker rebound, longer-term events, such as the 2008 recession, resulted in a more protracted recovery. As a rule of thumb, the industry has historically lagged the broader economy by six months in terms of experiencing the effects. But the expansiveness, depth, and unprecedented reach of this pandemic has started impacting the CRE industry much sooner. The evolving economic situation has had a significant influence on property owners, brokers, developers, and prospective home buyers.

It is with pride that I can advise you that your ‘Kiara Residency’ project, although impacted by the global pandemic, has progressed unabatedly. The pandemic – enforced lockdown was forced in the second half of March 2020 and due to this the construction in the ‘Kiara Residency…

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