Since the start of 2022, we were all wishing that life could return to what it was like pre-COVID-19. We hoped that the highly disruptive events it caused would be mere episodes during sustained periods of growth.

The outbreak of the Russian-Ukrainian war has highlighted a new, simple, fact: that disruption is a condition with which we will have to learn to live with for years to come. Additionally, COVID-19 appears to be gaining momentum again in many areas of the world, including countries where strict lockdowns are still in place.

The new widespread sentiment is that major events, including greatly unexpected ones, might happen, with little or no notice.

What consequences will this have on our lives, on business, on real estate? The real estate sector has long been considered a stable one, however certainly not so much in times of war, especially for investments in countries involved in conflicts.

Capitals coming from countries at war are frozen, and this has an impact on investments.

On a basic economic level, inflation was soaring before the war, and the trend is continuing.

Construction costs are skyrocketing. They started to do so in 2021 for reasons connected to transportation costs and shortages of raw materials and they are unlikely to stop for the foreseeable.

The residential and logistic sectors in real estate seem to be faring better than most, while office real estate still poses the same question: will remote working remain a trend or will it be streamlined?

The Hotel Industry is also likely to be suffering, while the predictions for growth in commercial real estate is being revised in light of this new situation.

Amidst this very turbulent outlook, our contributors touch upon different topics with viewpoints from around the world, proof of the far-reaching capabilities of our group: in this issue we range from the Irish Compulsory Purchase Order to an overview of how rents are determined in the very central Galleria Vittorio Emanuele in Milan, from sustainability in real estate in the Netherlands to foreign ownership in Sri Lanka, to Administrative Penalties in Vietnam.

Until the next issue, and in hope of less interesting times, enjoy the read!