As COVID-19 continues to spread, so also it’s economic impact causing downturn in major sectors, there are fear and uncertainty among the real estate community and building materials suppliers and sellers given the fact that economic activities have come to a grinding halt.
This apprehension arose as several sectors take a heavy blow, while real estate and building materials and construction sectors are still left untouched.
With the need for social distancing, and lockdown introduced in few states in Nigeria, construction projects may become slow as many players call for a ‘contactless supply-chain’. Also, buyers will take the momentum out of the market, which could see some prices falling.
Also, displaying homes to prospective buyers will take a plunge as the need for social distancing and contactless transaction is present.
Meanwhile, experts in real estate have disclosed that due to the crashing of stock markets & individuals losing their jobs, real estate & building materials sales will take a serious hit the coming months. This is a direct result of the global pandemic affecting economies thereby making buyers to lose interest.
The COVID-19 pandemic is bound to eliminate two groups of buyers; the ones with the wait-and-see approach or/and those who can’t make the purchase due to low income. Meanwhile, there is another group who are those still employed but quite uncertain about being able to keep their job or get paid due to the COVID-19 pandemic which already has started with a major layoffs from one of Africa’s biggest bank – Access Bank.
The Nigerian construction, property & building material market has never been strong for a long time even before the break of the COVID-19 global pandemic.
Major cities such as Abuja, Lagos, and Port Harcourt have recorded a sharp fall in rents. Indicators show that it may stabilize but the presence of coronavirus threatens it.
There is no doubt the coronavirus will increase caution among many buyers and suppliers and in turn cause a lot of sellers to defer transactions especially those that are not ‘contactless’.
Industry professionals are of the opinion that except the government introduces necessary measures to strengthen the present state of the economy, the COVID-19 pandemic will force the Nigerian economy into another recession.
On a final note, for smart homeowners and buyers however, there’s a solution being championed by innovative industries to cushion the devastating effects off the pandemic on the economy which is known as ‘contactless-construction’. This we believe will be the MO of future building and construction projects. So smart homeowners with a project in sight will take advantage of this period to make massive purchases before prices will eventually skyrocket and enjoy contactless delivery on their construction materials.
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