The combination of Brexit uncertainty in late 2019 and the COVID-19 strict lockdown restrictions in early 2020 have harmed the property industry. Prices have continued to nosedive from February.
The implementation of COVID -19 lockdown regulations saw a gradual drop in economic activity with associated job losses. As a result of this, the residential property market has experienced a downswing as shown by a fall in house sales nationwide. In urban centers, however, sales in some counties picked up significantly while in others they remained flat.
The property market outlook seems positive as the Government’s road map on easing restrictions shows that construction work is likely to resume.
The property industry has experienced a downswing in house acquisitions as a result of the pandemic, which reduced economic activity with resultant job losses. This pandemic has shown how property prices were at their lowest compared to 2017. However, with the Government’s road map on the gradual easing of restrictions, the property market seems to have a positive outlook especially with the possibility of construction work being likely to start soon and help stabilize the market. Click here to find out more about real property statistics.