The real estate market saw a series of other changes during this time, such as the need for more logistics spaces, as many physical stores have been replaced with warehouses because of the surge in online shopping.
The real estate market is faced with large increases in the price of materials and a shift in priorities as a result of the pandemic and the changes it brought about.
As the CEO of Dimand, Dimitris Andriopoulos, said, the market was faced with a “tsunami” in construction costs that “is not linked to the war in Ukraine. It started in April 2021, as a result of the effects of the pandemic.”
In particular, according to Andriopoulos, the price increases began in April 2021 when the first clouds began to appear in supply chains and were made worse by the surge in energy prices. At the same time, the shortage in the work force led to higher labor costs. “We felt it within 60 days, as suddenly as a tsunami,” he noted, stressing that in just two…