What will become of South Africa's property market and industry after lockdown?
Work at the deeds office came to a complete halt at the start of the lockdown, say personal finance expert Warren Ingram (Galileo Capital).
All property transactions froze and work for lawyers and agents completely dried up.
Some retailers cannot or will not pay rent, even the ones that remain relatively unscathed by the economic devastation wrought by efforts curb the spread of Covid-19.
What is going to happen to the property market and property industry after lockdown?
There are lots of unanswered questions.
For example, can people move to a new house during Stage Four?
Are removal companies able to operate within a city?
Nobody is getting paid and if I can’t move out, you can’t move in, laments Ingram.
Landlords still have mortgages and many (most?) estate agents won’t survive – the industry may be forced online.
Keep paying mortgages as much as possible.
Avoid the debt holidays if you can.
Tenants should keep paying as much as possible – consider the knock-on effect of nonpayment.
Landlords should be reasonable.
Don’t be evil – some retailers are simply using this as an excuse to profiteer by not paying rent when they are pumping.
The Money Show’s Bruce Whitfield asked Ingram to elaborate.
Listen to the interview in the audio below.
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