The NPPC said the real estate industry, which employs over 40,000 people, accounts for up to 6 percent of the country’s GDP and its closure had a knock-on effect on not only other industries but also homeowners, buyers, sellers and renters.
For an industry that is almost entirely commission-based, it’s now a crisis. Even if estate agents secure sales on the first-day post-lockdown, it’s likely to be at least another two months before they receive any commission from the transactions.
The president, however, urged individuals to be cautious as the economy reopens, saying the ball was in their court as to how this virus plays out further down the road.
He warned the opening of the economy would come with a rise in infections. “Things will get worse before they get better,” he said.
He further urged industries that were reopening to take every precaution necessary to ensure the safety of their staff, and those who could work from home, to do so.