While the real estate sector did not necessarily benefit directly from the COVID-19 stimulus packages, there may have been indirect impacts on the sector.
For example, the stimulus may have reached workers that help in constructing homes or people that work within buildings to keep them clean or safe. It could also have reached businesses and business owners, who either rent or recently bought property, thereby supporting them financially to be able to transact in real estate.
By raising bond yields and not treasury bills, it is evident the government is trying to stimulate long-term lending to it as against the 90-day or 180-day short term borrowings of treasury bills. Consequently, developers and investors may do well to invest in smaller format offices, which are typically more manageable and affordable to occupiers. Considering the current economic climate, even some blue chip organisations do not necessarily want to work out of A-Grade development, if they can secure safe and well built B-grade options that are in good locations.This helps them manage their operational expenses in the tough times.
We also prepare a quarterly Lagos Property Monitor, which gives current information on the Lagos market, segmentally such as office, residential, retail and hospitality segments. Outside of Knight Frank, there are now a good number of multi-listing sites, which leverage technology to aggregate and show the current asking prices of properties in different locations.Consequently, there’s a lot of information readily available online, as against over 25 years ago when I started my career.
This way, it can be retrieved easily and securely, as well as for confirmatory purposes. I am aware there are agitations for the adoption of blockchain technology, however, a lot of the existing data is flawed, it may be unwise to put them on a blockchain, because it then becomes difficult to alter.
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