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TWO YEARS OF COVID: Property industry has come a long way

Cranes are out! After complete shutdown two years ago property is back in business. Picture by Ralph Kayden/UnSplash

Cranes are out! After complete shutdown two years ago property is back in business. Picture by Ralph Kayden/UnSplash

Published Mar 29, 2022

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It has been two years since we were thrown into a hard lockdown.

Estate agents could not work, the construction industry was forced to down tools, no one was allowed to relocate, non-paying tenants could not be kicked out of their homes, and the property industry came to a complete halt.

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The past two years have not been kind. Some estate agencies shut down, unable to survive months of hard lockdown. Many agents earned zero for months with the Deeds Offices closed and no sales possible. Developers pulled their hair out as projects languished. No-work no-pay for construction workers meant for many there was no food on the table.

People moved in with extended family, unable to afford rents or bonds.

READ OUR LATEST PROPERTY MAGAZINE HERE

Many either lost their income or had their salaries slashed so deeply that they could no longer afford their previous lifestyles. Covid-19 debt is still a reality today for many of us.

Offices were shut down, and working from home was the fastest growing trend as many had to quickly turn spare rooms or a corner of the dining tables into makeshift work spaces. Overnight technology we hadn’t heard of became everyday words in our vocabulary and saved many of us.

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People we loved got ill, many died, often away from loved ones.

There is no doubt that the pandemic and anti-pandemic strategies changed our lives.

We have come through a hellish time.

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And yet, there were many rays of light and creation along the way. Estate agents fought a heavy battle to get their doors reopened, and they did reopen, a new property body was formed in the time, new acts have been passed that offer more protection to buyers and sellers, low interest rates gave an injection to the industry, and the property world is ticking again.

In spite of a rally of interest rate increases, property still remains a good asset.

Two years ago, the industry was dead, today it is welcoming new home buyers into the world.

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The fact that we ran a first-time home buyers feature on the weekend on the two-year anniversary of hard lockdown (see magazine at the top) is a ray of hope in a once barren landscape and a testimony to all of our resilience.

* Find your dream home here

READ OUR PHOTOGRAPHERS TWO YEARS OF COVID MAG BELOW

IOL WEALTH

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