Lusungu Kayela, Seeff’s principal in Zambia says the market is feeling the effects of the pandemic in numerous ways. Malls are closing, vacancy rates are rising and there are many unoccupied buildings.
Residential rentals have seen similar trends to South Africa with tenant payments strained and landlords needing to accommodate where they can. Many middle to high-end properties remain vacant due to expatriates having returned to their home countries.
In the sales market, opportunistic buyers are looking for under-market prices on the one hand while prices are often not yet adjusted to market realities on the other hand. At least we are now able to do physical viewings while observing strict Covid safety rules which, he says, will assist in boosting transactions.