COVID-19: The World Is In The Eye Of The Storm!

19th March 2020
Home > News > COVID-19: The World Is In The Eye Of The Storm!

It all started in Wuhan – China in December 2019. By early 2020, it spread into Europe and the USA. Italy is severely hit by it. Iran is suffering hugely. Russia is still denying it. France seems to be acknowledging a bit late the implications of it. Lebanon is in the eye of the storm today. COVID-19 is the number one discussed topic worldwide nowadays with huge health & economic impact worldwide.

A Global Pandemic

Between 1918 and 1920 a disturbingly deadly outbreak of influenza tore across the globe, infecting over a third of the world’s population and ending the lives of 20 – 50 million people. Of the 500 million people infected in the 1918 pandemic, the mortality rate was estimated at 10% to 20%, with up to 25 million deaths in the first 25 weeks alone.*

100 years later, WHO announces COVID -19 outbreak a pandemic. Mortality rate so far varies between less than 1% (South Korea) and 5% (Iran) depending on how steep the curve at which the disease is spreading rendering the medical corps at the said country able to treat infected patients.

As such, the mortality rate is way lower than the influenza or Spanish flu as it is known; yet, we are living in a global village with thousands of flights internationally between all countries – which has led to a fast outbreak of the disease. Social media and news coverage has made the people across the globe highly aware of the disease. Panic has enveloped the globe. Flights have been stopped, social distancing recommended and full lock down is seen as the only effective way of stopping the spread of this disease so far.

A Global Economic Disaster

Well, people have confined to their homes. Restaurants and Malls have closed. Workers were asked whenever possible to work from home. Flights have paused. Factories have stopped working at full capacity. The globe seems to be pausing altogether. Gas & oil prices are at their lowest. Stock prices have plunged.

Economies are suffering!

Coronavirus will bankrupt more people than it kills – and that’s the real global emergency – as per “Independent”.

Implications on Real Estate

It is undeniable that real estate transactions across the globe will be hit in the near future. Showings are less feasible given the recommendation of social distancing. Closing a deal usually involves many players: the buyer, the seller, the real estate agent, the bank, the notary and the clerk at the register… to name only a few. It is hard given the current pandemic situation to meet with all the players and get the transactions done (that is assuming that all players are indeed still performing their normal activities).

It is too early to assess the long-term impact on real estate following coronavirus; as we don’t know yet how long the pandemic will last or when will the break of a cure or vaccine will happen.

A special note about Lebanon Real Estate

Lebanon has started a two-week full lockdown on Monday March 16. Banks will be operating at their minimal capacity. Real Estate registers and many government administrations are shut down for the moment. Solutions such as obtaining some legal documents via Libanpost are starting to be discussed. Showings are minimal given recommended social distancing.

Real Estate transactions will definitely be impacted in Lebanon – similar to the global situation; Yet, given the other factors preceding this pandemic outbreak – notably the capital control and the continuous fear of a haircut – it is expected that the Lebanese real estate transactions will be less hit than worldwide; For one, because the pandemic happened at a time of peak transactions given the distrust in banking sector in Lebanon; For two, because the Lebanese people are expected to adapt more quickly to this new situation and find creative solutions.

One Final Positive Note

Amidst all the negative implication of Coronavirus, we cannot but acknowledge the lower level of pollution observed worldwide. Pollution levels are at their lowest since a long period of time. It is believed that worldwide pollution dropped by 48% lately. Mother Earth seems to be breathing while humans are taking a forced break!


Related News Articles

Hosting Le Sommet Presentation

On June 21 2017, JSK hosted a presentation for a private pool of interested clients where ‘Le Sommet’ was presented in details emphasizing the project key characteristics, its prime location, and the mazing view that all chalets in this project benefit from. The clients were very impressed and the discussion continued over a nice cocktail in a casual manner. JSK prides itself i...

JSK Incentive Trip to Fethiye 2022

This year JSK headed to Fethiye for a 5-day trip and indulged in the blue waters of the Mediterranean coast. Best time to go, the sun was out and the team got their swimsuits on and enjoyed the clear sea.Celebrations were on as it was our CEO’s birthday.The team visited Ölüdeniz, a resort village known for its blue lagoon overlooking the village is Babadağ mount...

JSK Yearly Snowshoeing Trip to Laklouk

JSK Real Estate welcomed the beautiful month of March with a snowshoeing trip to the beautiful area of Laqlouq. With a total of 4 hours of pure walking on a total of 4 km snow trail, we were able to reach one of JSK's proud projects, Le Sommet, which were developed by our CEO Jade Zoghaib. Even though the way up was hectic, all our tiredness was gone once we arrived and witness...

JSK Yearly Snowshoeing Trip to Laklouk

The snowshoeing day has become a yearly tradition to mark for JSK Real Estate.On 7 February 2024, the day started with a gathering in Aamchit at CEO. Jade Zoghaib's residence, for a morning coffee.Then heading directly to Laklouk, and not like other years, this year JSK tried a new snow trail accompanied by Guide Samira from LMT (Lebanon Mountain Trail).JSK likes always to prom...