Judy Rugasira, the managing director of estate agency Knight Frank, says closing retail businesses that depend on the day-to-day cash flows for 60-days was damaging.
But as the country started to close down, sales in the retail sector slumped by 68 per cent, Rugasira said.
For the real estate sector, coronavirus came at a time when it was already struggling to attract demand and more properties were flooding the market.
A lot of space was being given up by government ministries as they built their own buildings, there was reduced Foreign Direct Investment (FDI) into the sector and more expatriates were leaving the country.
Rugasira says coronavirus will have a long term impact on the real estate sector, indicating that the non-performing loans that might come out of this might see interest rates up and reduce the ability of developers to borrow.
