30% of real estate deals lost to Covid

30% of real estate deals lost to Covid

Post was last updated: April 8, 2021

EQUALLY AFFECTED—Construction sector

Players in the real estate sector have indicated that they have lost about 30 percent of businesses due to Covid pandemic.

Innobuild Limited Chief Executive Officer Billy Chiotha said in an interview that the pandemic has deprived most potential clients of disposable income.

This, he said, has led to a hand-to-mouth lifestyle among most people.

“Since the emergence of the pandemic, business has been slow. We hope the positive trends seen in recent weeks will continue and stir the business to its peak,” Chiotha said.

In a separate interview, Wealthnet Finance Chairperson Nicholson Kumwenda said that the administration of Covid vaccine has brought confidence to the market.

“This is giving us a positive outlook in the medium to long term,” Kumwenda said.

This is coming at a time competition is getting tough in the sector owing to increased number of players joining the industry.

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