Nairobi, Sept. 9 -- The real estate sector is likely to see an increase in supply heading into 2021 as developers and occupiers look to liquidate their property to raise funds to keep their businesses afloat, potentially depressing selling prices further.
A survey by Africa Property Investment (API) Summit and Standard Bank on the impact of Covid-19 on African real estate shows that the pandemic has aggravated the liquidity crisis in the sector, hence an increase in sale and leasebacks.
The survey was done in seven countries including Kenya, Zambia, Ghana and Nigeria.
"The Covid-19 pandemic has exacerbated the liquidity crunch in countries such as Zambia, Kenya and Nigeria among others. As such, we expect an increase in occupiers seeking...