Story by Stanley James, Business Editor
More than US$500 million has been invested in Zimbabwe’s real estate projects since January, dominated by retail and residential properties.
Stakeholders in the real estate sector are meeting in Harare for their annual three-day indaba to review operations and focus on the outlook, with presentations showing increased capital expenditure by investors.
“This is a sector that is used to hedge against macro-economic issues so interest continue on a positive trajectory and indeed, while there are challenges, this is however not hindering overall strides in the value chains,” said real estate consultant, Mr Kura Chihota.
Zimbabweans abroad are also investing in the real estate sector.
“The diaspora market is forming the basis of unlocking more returns to the investors. It is the appetite by the Zimbabweans to invest back home that has seen a lot being done by the diaspora market in as far as making decisions to inject capital in fixed assets that guarantee long term benefits is concerned,” noted Homelux Properties Managing Director, Mr Justin Machibaya.
Despite the growth trajectory, the real estate sector has also not been spared from challenges.
“The year is coming to an end and of course there are more positives, but it is prudent to note that growth will be underpinned by a stable economic climate, affordable borrowing costs and availability of all relevant inputs. In fact, a stakeholder commitment approach will form the hallmark for the growth of the sector. Overally, we are expecting more project inflows next year,” explained another real estate expert.
The three-day conference is also reviewing investments, identifying challenges, offering solutions and exchanging ideas.
