ENGLISH EDITION

According to a report from BNP Paribas Real Estate on the impact the pandemic is having on global real estate, it is estimated that for at least the next six months, ie for the second and third quarters, investment activity will enter hibernation mode.

In the center of Athens, there was an annual drop of 4.7 percent, while in the fourth quarter of 2019, rents gave up 6.2 percent. Now, the average monthly rent is 9.44 euros/sq.m. versus 9.9 euros/sq.m. in the first quarter of last year. Respectively, in the southern suburbs, rents eased 1.1 percent, extending a 0.9 percent drop booked in the previous three-month period.

Bank officials estimate, and hope, that the rebound will be V-shaped, and that the sharp decline in GDP in the second quarter will be followed by a strong recovery as of the fourth quarter of 2020, restoring economies and markets to normal.

The minister announced that starting this week, the special purpose financial aid of 800 euros will be paid to businesses and workers affected by the coronavirus, while the 400-euro economic support will be given to scientists by April 15.

The Eurogroup will seek a compromise though the increase in EU funding from existing institutions - the European Stability Mechanism (ESM), the European Commission and the European Investment Bank (EIB)

Sources warn that if the current economic conditions continue beyond April and governments do not quickly find solutions to restore trade flows, consequences will be widespread. Supermarkets are already seeing some shortages of imported goods, but they are limited. Industry officials say that supplies on basic goods are considered to be at satisfactory levels and that there is no reason for consumers to feel concerned about supply levels.

According to shipping analysts, the first ships began receiving the above container shipments in early March and now (three weeks after) are heading to ports for delivery. These are orders that were submitted before factories in China and other Asian countries were closed and are being carried out as production resumes. However, meanwhile, and specifically in the last 10 - 15 days, economic conditions have changed dramatically in Europe and the US, with consumer demand dropping dramatically and the majority of stores shutting down. This led to buyers of Asian factory products, retailers, canceling many orders.

The virus helped result in a rapid switch to the digital age by Greek the state and by several private business groups, many of which were laggards in using new technologies, despite announcements to the contrary.

Bank officials say that the European Commission appears willing to discuss this issue constructively. Alpha Bank chief executive Vasilis Psaltis told analysts at a conference call on Friday while presenting 2019 earnings, that the DTC issue is important and being constantly monitored.

George Handjinicolaou, Chairman of the board of directors, commenting on the results said: “The coronavirus is proving to be an unprecedented health emergency for societies around the world, which is mutating into a significant economic shock to the economies".