How Badly Has Covid19 Affected The Real Estate Market?

By Author: Mirko Carabott
Total Articles: 30
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Covid19 has hit the market adversely. Almost all the professional sectors have been hit and are facing financial crisis. So many people have lost their jobs. This in turn has affected the real estate market. When the earning potential of the society goes down, people are unable to afford expensive properties. They neither show the inclination to buy properties nor are they willing to pay a huge amount as rent. This is what has exactly happened now. People are not willing to go for long let apartments Malta unless the rent is decreased.
And all those who are already renting long let apartments Malta have asked the owners for a cut in the amount paid as a rent. The situation is really very sensitive and volatile at the same time. If you are an owner of a long let apartment Malta you have to plan your future course of action in a proper manner so that you don’t face any difficulty and lose out on potential customers. This is the time when you need to stay strong and hold on. This time shall pass too till then you need to stay afloat.



As the owner of long let apartments Malta what should be your course of action? Think hard and fast. Can you really give a concession on the rent amount? If yes then do that because many people are adversely affected by the situation and they are really unable to pay the amount. This is not the time to make money rather it is the time to show compassion, understanding and support for each other. Have a face-to-face discussion with your clients. Find out about their existing situation and then offer solutions accordingly.



And the properties that are still empty, you need to advertise amount them with a discounted rate. Forget about what is the existing market rate, take the current situation into consideration and offer a rate that everyone can afford. This way none of your empty long let apartments Malta will remain empty for long. We agree that you will not be making a profit out of them but at least you will be generating money. And in this situation, this is the most important thing to do.



What have you planned for as your future plan of action? Have you implemented them yet? Share your views in the comments section. Everyone would love to know.



About the Author: This contribution has been made by Mirko Carabott who has written a number of articles on long let apartments Malta and provides fruitful information. For more information, please visit: www.easyrent.com.mt.