Transactions at the Ministry of Lands and Physical Planning have reduced by more than half since the beginning of the year according to data from the ministry.
The summary of monthly land transactions at the ministry shows that in the month of April, only 147 land transfers were completed compared to 330 in January.
Data from previous years shows that the month of January usually records the lowest transfers as transaction activity progresses upwards during the year before declining around the months of November and December.
Mortgage charges also reduced from 250 at the beginning of the year to 154 by the end of April. However, this was a slight increase compared to the 120 recorded in the month of March.
In addition lease and sublease transactions have declined more than three times from the 499 in January to 136 in the month of April.
Lease and subleasing activity usually makes up the bulk of transactions at the ministry followed by transfers, mortgage charges and discharges or reconveyance according to the data.
The data also shows that the ministry did not transact any certificates of title since the month of February while only 15 were issued in January.
The ministry of lands ordered the closure of lands registries across the country following the spread of the coronavirus in order to minimize the risk of exposure.
However, in early May, the Ministry of Lands has agreed to partially reopen land registries across the country after nearly two months of inactivity but limited the services to registration of bank charges, registration of bank discharges, registration of court orders and verification of sureties.
The slowdown in the transaction at the ministry coupled with the negative economic impact of the coronavirus and the already struggling poverty market is expected to bring massive corrections in property prices in the country.