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Posted on 20/05/2020

The luxury real estate market and the covid-19 crisis

BFM Immo

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The luxury real estate market and the covid-19 crisis
The luxury real estate market was very active across France until the announcement of the
containment. Alexander Kraft, President and CEO of Sotheby’s International Realty France –
Monaco, underlines in this interview published on April 17 on BFM Immo.
Indeed, the dynamism has been stopped dead and the recovery will take in two phases as
announced by Alexander Kraft.

He recalls that the past few years have been record years for the luxury real estate market in
France and especially in the French capital, and 2020 promises to have the same success.
The market didn’t completely collapse but it only shrank. The means put in place by
Sotheby’s International Realty France – Monaco still allow you to keep in touch with buyers
and take virtual tours. Alexander Kraft is betting on a two-step recovery. At first, at the end
of the confinement “We will probably see a real explosion of the activity, the real estate
players will endeavour to complete all the transactions which were prepared with March 12
and which were only waiting for a signature and a move”. Then, in a second step, the CEO of
Sotheby’s International Realty France – Monaco plans for a slower negotiation to materialize
“In my opinion, everyone will first try to orient themselves and reorganize themselves in the
new realty that is ours. Consequently, the results of these new transactions will probably not
be seen until after the start of the 2020 academic year.

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