Property sector crippled

A lack of big transactions has crippled the country’s property sector, the Estate Agency Council has said.

In an interview last week EAC chairperson, Oswald Nyakunika, said: “We have realised that the failure by businesses to buy properties due to low capacity utilization is impacting negatively on the sector.”

He added that it was unfortunate that there were no any meaningful property purchases, which has led to many businesses closing down.

“Players in the property business are struggling to pay their rent. This has seen many industries operating below capacity and others eventually closing down,” he said.

“There have been some reductions in major property deals because of the liquidity crisis. The majority sales are now by deed of sale or instalments. There is no money for developments or refurbishment as the economy battles to come out of this cash crisis.”

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