The reason real estate prices are declining is because there is a decline in availability of real loanable funds. A decline in loanable funds is a result of foreign exchange rate decrease. The market is responding to an inevitable future FX decline.
It's not applicable to all countries, here in our place the real estate is increasing steadily even at the time of the pandemic, it's still business as usual banks here private and government are still giving loans and there is a moratorium on existing loans, this is not permanent and the banking institutions know this so they have no reason here why they stop giving loans.