Considering that shelter is one of 4 necessities to human life, along with food, water and clothing, it seems justifiable to argue that the real estate industry should be allowed to fall under the essential services classification.
Did you know that The Deeds Office is also affected by the current lock down and no property transactions have been registered since? This does not only apply to pending transfers but also means that new bonds or second bonds on properties cannot be processed as these need to be registered in the Deeds Office as well. The debate about giving the real estate sector essential service status therefore has far reaching financial implications for many.
We found this article which gives some insights and predictions as to where the property market is heading to in these uncertain times. Please click on the hyperlink below.