Real estate industry and the Covid-19 crisis. A statement supported by eighteen of the main real estate’s Associations
Real estate industry’s support to the recovery
The European real estate investment industry fully supports and appreciates the measures taken thus far by national governments and the European institutions to soften the financial impact of the crisis on the economy in Europe. Our industry is committed to work with policy makers to explore ways that we can most effectively contribute to support businesses, employees and customers as we take steps together to emerge from the crisis and re-start the economy in Europe. We also believe real estate owners should work together with those who use the space they provide, their lenders and investors, and the many specialist firms that supply them with services, labour and materials to ensure that the costs of this crisis do not fall too heavily on any one set of economic actors.
National governments and the European institutions are already working to develop measures designed to support economic stability and recovery. The real estate investment industry would like to recommend five key principles that we believe policy makers should keep in mind to develop measures that will successfully achieve our common goals.
- Measures should recognise that the real estate that makes up the heart of our towns and cities is inextricably interconnected through its owners to insurance companies, pension funds and the banking system and therefore, ultimately, investments of the greater public and they should support the integrity of that interconnectedness;
- Measures should create incentives for landlords, lenders, investors and tenants to work together so none is forced to bear the full impact of the current crisis and so all will be in a position to contribute to both economic recovery and European financial and social stability more generally;
- Measures should be time-limited although recognising that many businesses will likely take some time to recover;
- Measures should be implemented quickly, particularly those targeting businesses that have little financial resilience and mounting liabilities;
- New measures should complement the measures policy makers have already introduced to support businesses and could be strengthened through improved cross-border investment possibilities in real estate stabilising national economies across Europe and to facilitate a resilient and sustainable economic recovery.