Decline in property market is set to continue

Overall, the market contracted by 4.6% in the first three months of the year, a figure which will prompt concern, as restrictions due to the virus only came into effect at the very end of this period. Photo: iStock

The property market is at its lowest ebb since the start of 2017, with sales down by up to two thirds in April, compared to the same month last year due to the pandemic.

Further drops are expected in the coming months as the impact of the construction shutdown is felt.