By Stanley James
ZIMBABWE’s real estate sector has witnessed an increase in demand for industrial and residential serviced land since January as efforts to revive the economy gather momentum.
Presenting the state of the property market, Estate Agents Council of Zimbabwe President Nico Kuipa said despite the effects of Covid-19, the outlook for the industry is strong due to the anticipated continuous stability.
He revealed while there has been a mixed performance for the sub-sectors such as offices and retail, it is, however, fresh construction projects that have spurred demand for commercial and residential properties.
However, affordability remains a challenge.
“There is a steady growth in terms of the overall performance but that is largely subject to current efforts being made to ensure recovery and sustainability of investments as the sector continue to focus on recovery,” he said.
Investment analyst Makanaka Shambare also spoke on the current real estate sector trends in Zimbabwe.
“Indeed it is a mixed bag however it is also imperative to observe the current efforts being made to sustain projects development as the economy eyes further growth in long term projects that can yield the much-desired returns,” said Shambare.
Findings by the Estate Agents Council of Zimbabwe report indicate rising real investment trusts, improved returns and new infrastructure outlay have to lead to a positive mid to long term growth forecast.
However, it revealed the growth of the industry will also depend on increased consumer confidence and spending, falling inflation, affordable interest rates and revival of long term mortgage facilities.