With the disruption, home buyers are still hesitant to buy. For them, the period was not ripe to invest as they don’t know how long the pandemic will last and are adopting a survival strategy.
The building comprises, in three uncompleted blocks of five flats and four bedrooms bungalow. Each block sits on a one and half plot. The transaction is based on the easing of the lockdown, which has impacted negatively to the real estate sector. Similarly, Mr. Okechukwu Adibe, who bought the bungalow at Orilegun, Off Magun road, said he was encouraged by the low price and the gradual easing of the lockdown.
But Bamigbola said, with some new residential developments coming up at stable pricing in relation to pre-COVID period, some buyers are taking advantage of such stability. This happens mostly on off-plan sales. He further said the need to also maintain social and physical distancing on sites during inspections has its own impact on the willingness of buyers in visiting locations at the moment, during the relaxed lockdown period.
He said in Ogun State, there was a lot of property in the market but there was no buyers even at very cheap prices because the money was not there and those who have the money are afraid to spend them preferring to stay and look. According to him, it is expected that real estate sector would bounce back as it has done in the past. This come back, he said might however not be sudden but gradual.
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