Demand For Property Low Despite Re-opening Of Economy – Expert

The General Manager, Human and Business Relation, Jedo Investment Company, Tony Obi, has said that the demand for property across the country is still low despite the reopening of most sectors of the economy.

He said this in an interview with THE WHISTLER on the impact of the pandemic on the property sector.

He said “Sales haven’t actually picked but the truth is that people have begun to show interest. The pandemic has brought a lot of hardship.

“People have seen the need to invest in property more because it will help them save.”

Nigeria’s real estate sector has been severely hit by the covid-19 pandemic and the subsequent lock down of the country’s economy for about three months.

Obi noted that despite the re-opening of the different sectors of the Nigerian economy, the demand for property is still low.

The low demand follows the impact of Covid-19 on the income of consumers across the country.

The GM explained that the combined effect of pay cuts and job losses have contributed to the plunge in the sector.

The National Bureau of Statistics revealed in the latest economic report that the sector shrank by 19.27 per cent in Q2 against the corresponding quarter of last year.

The plunged expressed by the sector was compounded by the negative impact of the pandemic.

Speaking on Jedo Investment, the expert said the firm has intensified efforts to win its customers back.

He noted that the pandemic has re-shaped the company’s way of marketing following the social distance directive by the government.

Obi said the new strategy would enhance the firm’s sales and productivity.

The expert said the firm has made plans to cut prices of houses to cushion the effect of the pandemic on the Nigerian consumer.