Redefine says lockdown will have an impact on property sector

Johannesburg – PropertyGroup Redefine has added its voice to the list of JSE listed companies that believe a lockdown was not the best route for South Africa to take in its quest to curb the spread of Covid-19.

The property group owns retail, office and industrial properties in South Africa, and has property investments in the UK, Poland, and Australia.

“Some countries did not resort to a lockdown, even with growing infection levels. Therefore, the directors noted that a national lockdown is not an obvious response to the pandemic in any one country,” said the company in its financial results commentary for the six months ended in February.

The company also added that directors expected a decline in property values and associated revenues. They also said that they expect a change in demand for space, especially within the retail and office property space.

“It is unsafe to assume that given the unprecedented and evolving market conditions, property fundamentals, domestically and globally, are going to be challenged for the best of 2020 and beyond,” the group wrote.

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