Covid-19 affects housing market
A report by an institution called Night Frank indicates that the coronavirus pandemic has affected the housing market in the country.
The institution carried out a survey in the early months of this year where it discovered that the housing marketing was negatively affected by the pandemic.
Director of the institution in Malawi, Don Whayo, told the local media that market for residential housing was stable but buildings rented by companies and those on sale were hugely affected.
“Things were okay before the pandemic. But when the country was hit by the pandemic, a number of businesses were affected and others even collapsed. Companies were striving to maintain their businesses instead of expanding them.
“Because of the pandemic, it has been difficult to get loans from banks as it has also been difficult to service the loans since businesses are no longer booming. Eventually, infrastructure development is being slowed down,” explained Whayo.
A good number of businesses in Malawi operate from rented buildings.
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