Ishmael Sheik Umar Kebe, the head of Accountant Administration for the Global Salone Property and Investment Company Limited, has on Thursday June 11, 2020 disclosed to Premier News that the company has encouraged home owners to demonstrate ultimate generosity by reducing cost of rent paid by tenants who have been seriously affected by the outbreak of COVID 19 in the nation.
The Company, established in April 2013, manages real estates, property in term of investment, mediates in disputes between parties in real estate transactions, buys and sells property, and advises people on the dynamics of the property market in Sierra Leone.
Kebe said that the outbreak of COVID-19 has occasioned delays which impacted business operations and property owners in the nation, causing revenue of businesses to narrow, unemployment rate to rise, and a fall in the ability of tenants to pay their rents. He said that they are calling on every property owners to lessen burdens on tenants by the following ways: institute rent holidays, rent waivers, differed payment, rent subsidies and differed payment policy that would allow tenants to accumulate rent and pay later by monthly installment or exempt the rent for a certain period to their tenants who had been hard hit by the disease.
He also recommended for the Government of Sierra Leone to institute a special arrangement to increase rent allowances to lower level civil servants like the forces, nurses and teachers in order to mitigate the effect of rental burdens on them.
He emphasized, “Government should direct the recovery programs towards preserving Small Medium Enterprises (SME) and save them from collapsing by reducing tax rate (excise duties, withholding taxes, capital gain taxes, corporation taxes that directly relate to local SMEs) to boost domestic production and consumption by regulating or putting embargo on products produced outside Sierra Leone.”
Kebe further mentioned that several articles across different economies have suggested that COVID-19 has had negative impacts on businesses, banks, as well as property developers and property market values. He said incomes have deteriorated, and values have declined thus mirroring the weakness in the rental market and the reprising of risk by institutional investors.
Kebe emphasized that Global Salone, as a company has contributed in the fight against the coronavirus in the nation. He advised Sierra Leoneans to adhere to all the precautionary measures in order to stay safe.
By Ibrahim S.Bangura
19/6/2020. ISSUE NO.: 7849