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The COVID-19 pandemic is the most impactful social, cultural and economic event in modern history. Forecasts in this environment are highly difficult and complex. Because of the many unknowns, the chain of causality becomes less predictable the further one goes down the stream. To be precise: what happens to the real estate market depends on the development of the economy, which depends on the further development of the pandemic itself. And there are still many unknowns.