Property sector enjoys boom

Prosper Dembedza Herald Correspondent

The real estate market in Zimbabwe is experiencing unprecedented growth, with over US$200 million worth of development projects underway in northern Harare alone.

This exciting news was unveiled by Ken Sharpe, the CEO of WestProp, during his welcome remarks at the Zim Real Property Investment Forum 2023.

The Zim Real Property Investment Forum is a one-day event that serves as a unique platform for senior investors, developers, practitioners, and public sector representatives to collaborate on a strategic roadmap for stimulating economic growth through property investment and development.

The event featured keynote addresses, interactive panel discussions, and case studies presented by local and regional experts.

During his presentation, Mr Sharpe provided valuable insights into the remarkable developments taking place in northern Harare.

He stated, “If we were to extract a value of approximately 360 residential units, including cluster units and townhouses, we would come up with a value of about US$108 million.”

“That is a lot of money, folks. That is a lot of money in Zimbabwe. That is a lot of money in any country of the world. And if you added that to our Pokugara, where we are building 60 homes and 120 townhouses that adds another hundred million dollars so we could easily say there’s US$200 million today within a one-and-a-half-kilometre radius in Harare. I mean, I don’t know how many of you were expecting to hear that, but for me that is amazing news, right?”

The 2023 forum’s theme, “Zimbabwe 2023: Thriving Across Uncertainties,” focused on exploring how investors and developers can identify opportunities in various sectors, including retail, residential, hospitality, and more, despite facing challenges such as limited infrastructure development, liquidity constraints, material shortages, and currency fluctuations.

This year’s forum offered valuable insights and opportunities within a sector that has continued to evolve and flourish. Despite the challenges faced by Zimbabwe’s real estate industry, leaders and investors have persevered, creating new avenues for growth and development.

The US$200 million investment in northern Harare is a testament to the resilience and determination of Zimbabwe’s real estate sector. This significant development is poised to transform the landscape of the region and contribute to the country’s economic growth.

Property developers and investors are increasingly drawn to Zimbabwe’s real estate market, recognising its potential for substantial returns on investment. The forum highlighted that, despite uncertainties, there is a clear appetite for property development and investment in Zimbabwe, which is underpinned by the region’s strategic location, natural beauty, and untapped potential.

As Zimbabwe continues to navigate economic challenges, the real estate sector remains a beacon of hope, offering opportunities for growth and prosperity.

The US$200 million investment in northern Harare exemplifies the industry’s determination to thrive and create a brighter future for the nation.