LEW GEFFEN SOTHEBY’S
The real estate sector has been affected dramatically with zero activity during April in extreme lockdown, but with the arrival of May, some life has sprung up again, according to Lew Geffen Sotheby’s principal, Tim Kirby. Kirby said in April they had no enquiries on their advertising, but last month, people were looking to buy again and they have concluded a number of deals in George and Wilderness. Among these are a home in Eden, a large piece of ground in Wilderness and two brandnew homes in Mont Fleur Estate. “The property market has been affected from the beginning of the year as news broke of the virus in other parts of the world, but also due to our economic downturn. It is, however, going to take a long time to build up the momentum that we have lost during lockdown. “Leaders in the market are forecasting a softening of 10% to 15% in property prices in the Southern Cape. Up north a price drop of between 20% and 30% is being predicted. This will affect some people who want to move down, but on the other hand those moving down have money and will still buy here. We don’t know for sure. It’s still early days and nobody has a crystal ball. We are encouraged, though, by the activity in May, although it was not at usual levels.” Kirby said they have adapted to work more online through virtual tours and video calling. Some clients, especially older people, are still somewhat nervous of prospective buyers coming into their homes for viewing.