Mizizi Africa Homes has increased real estate activities over the next quarter, media reports said. The developer is optimistic about the real estate sector with a phased re-opening of the economy.
Mizizi Africa Homes operations director, George Mburu, told the media, “We expect most activities to gradually return to optimum levels to correct longer development periods, a situation we had been pushed into by the Covid-19 pandemic. A longer lockdown period meant that developer operational costs of completing housing units also rose on reduced incomes. This situation if sustained would have threatened sustainability and existence of developers.”
Despite the pandemic’s impact on Africa’s real estate sector, the developer is quite confident that it will continue to perform well. “Gradual re-opening of the economy should be able to reverse the adverse effects on job losses, savings and investment funds held by potential home-owners,” Mburu added.
It seems that lockdown has forced several players in the real estate sector to cut down the number of workers on sites and disrupted the supply chain system. This in turn has affected projects’ completion, but the situation is expected to improve in the future. It is recorded that nearly 300,000 people have lost their jobs in Kenya since March when it reported the first coronavirus case, media reports said.