Johannesburg – Real-estate group Pam Golding says it is cutting head-office staff and reducing branch offices, saying the Covid-19 pandemic had underscored a changing market where online activity was becoming increasingly important.
The company also says it is bracing for significant pressure on the housing market, warning that the country’s GDP could decline as much as 10% in 2020.
“The global pandemic has shut down and disrupted economies worldwide and SA’s economy has not escaped the dire impact, with the real-estate industry in particular brought to the brink of collapse,” CEO Andrew Golding said.
“The whole world finds itself in a fundamentally new environment characterised by significant volatility, uncertainty, complexity and ambiguity.”
Pam Golding added that it would soon be reorganising its head office, cutting branch offices, while an increasing amount of work will take place remotely.
“Regrettably, we have had to contemplate reducing our staff complement to bring it in line with the realities of the economy and the new real-estate market going forward,” Pam Golding said. That would not affect franchise businesses, which are independently owned and operated.