• 2021 was a slow market for the real estate.
• The impact of Covid-19 on the market continued especially on the commercial side of things.
• There will be much more of transactions this year.
A Real Estate Expert has observed that 2021 was a slow year for the Real Estate market in the country owing to the Covid-19 pandemic.
Speaking in an interview with Money FM News, Chisebwe Fumbeshi said the general elections also contributed to the slow pace of business in the sector because a number of people were holding on to transactions due to the uncertainty that comes with elections.
He stated that sector players expect 2022 to be a better year though not much of a difference, but there will be increased transactions.
“2021 was a slow market for the real estate, we saw a number of people hold on to transactions because of the number of activities that were happening during the year, the elections, and then also we saw the impact of Covid-19 on the market continued especially on the commercial side of things.”
“This year we are actually anticipating that it will be a better year, though not much of a difference but I think we will see much more of transactions this year,” Mr. Fumbeshi said.
And Mr. Fumbeshi stated that if the depreciation of the Kwacha persists, it will have a negative impact on the rental market especially for the high earned properties.
“With the Kwacha, we are hoping that the depreciation will not continue because eventually it will have a huge impact especially on the rental market for the high earned properties,” he added.
