THE property market remained depressed during the first quarter of 2021 due to the Covid-19 pandemic, and a persistently difficult macro-economic environment, a wealth management firm has said.
In a note last week, First Mutual Wealth (FMW) said the biggest challenge for the market during the period, apart from the pandemic, was liquidity.
“The property sector’s performance has taken a knock following the onset of Covid-19, particularly for the Central Business District (CBD) office space and for the retail segment as the number of walk-in clients has generally declined. The continued shifts in consumer patterns will continue to evolve the fortunes for this sector as developments tied to Covid-19 take shape not only locally but globally as well,” FMW said.
The firm said the advent of the coronavirus pandemic had changed the dynamics of the country’s property demand dynamics, with office and CBD office space suffering regressing rental yields versus warehousing and residential property developments, which have continued to see rising
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