Artjom Dmitrijev, Property Manager at BPT Real Estate, Estonia
- In Estonia, banks are blacklisting employees of the companies that applied for governmental support. This will cool the level of borrowing.
- Businesses are thinking more about flexibility.
- New concepts when it comes to ways of doing business are expected.
- Liquidity is good, governments have the reserves available.
- Government borrowing is available at good rates.
Real estate industry in Baltics
- Commercial real estate market is shaken, especially leisure and retail sectors, big hit in short term.
o It is fair not to expect any new large developments in these sectors starting anytime soon.
Joanna Świerkosz, VP Marketing, Communication & Guest Experience, Accor Eastern Europe.
It’s the moment to reinvent ourselves and to rethink what else we can do, because the business will come back.
The vacation period is coming and the reopening of the hotels will be in a few weeks. Domestic market will be the first to open. The recovery will come, but the questions are when it will be. We hope it will be this summer. Sea side hotels will be fully booked in strong domestic markets. After the flights will be reopened, it will be easier to plan the results. We plan the returning to the prepandemic situation in 2020 – 2021.
Žydrė Gavelienė, President of the National Tourism Business Association, CEO at Estravel, Lithuania.
Tourism market and industry was hit the most. 98 percent of reservations were not fulfilled in Q2. The majority are still on stand still.
Travel agencies did the great job to help travellers to return back after lock down was announced and earned respect. Starting from May 15 people started to travel in the Baltic countries. Not on the same scale as it was before lockdown, but still the first activities are seen. It is related with the first flights of airBaltic. We expect more destinations to be opened, with exclusion of Spain and Portugal.
Recently we received a lot of questions. Is it safe? Do we need Covid test? How much will it cost?