COVID-19 leaves huge shock on construction, real estate market – Consultant


By Chidinma Agu

A Real Estate Consultant, Mr Meckson Okoro, said that the shock created by the Coronavirus (COVID-19) pandemic in the construction and real estate subsector would remain for a long time.

Okoro, Managing Partner, M. I. Okoro and Associates, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos.

According to him, many construction and housing development companies have closedown, while rent is going up and sitting tenants find it difficult to renew their rents.

“There was no activity during the COVID-19 locked down. When the locked down was lifted, construction companies and housing development firms realised it will take millions of naira to undo the damage that had been created.

“Some companies have closed down, sending workers to the labour market as a result of the shock created by the pandemic.

“Developers have gone back to the drawing board as a result of the increase in the cost of projects due to the rise in the prices of…

Source: News Agency of Nigeria