Source Economic Growth: Zimbabwe's economy has been on a steady growth trajectory, driven by a robust agricultural sector, thriving mining industry, and a burgeoning tourism sector. This economic expansion has translated into increased disposable income, fueling the demand for housing and stimulating growth in the property market. Increasing Demand for Housing: The demand for housing in...
The unnecessary practices of documentation (Red Tapism) are not a useful tool for any business. In many African countries, Bureaucracy has become a big hurdle in passing a simple transaction of buying and selling a property. An excessive number of documents are needed to pass any transaction; it usually takes around a month to complete a transaction, not an appreciable way of doing work. Red-Tapism...
Housing is one of the primary needs of any human being worldwide. Reports from Senior Property states that it’s challenging to purchase a house in Zimbabwe due to the high cost of settling the mortgage loan. Research shows that for one to acquire the least newly build the house in the urban, one has to pay $99 per month to settle the loan. The Housing Finance Africa depicts that, for one to have a new...
Justice Owen Tagu granted an application by the Knowe Residents and Ratepayers’ Associations for an order to force Eddies Pfugari (PVT) Limited to service the residential areas in Phase 2 and Phase 3 of the Knowe housing development in Norton. The areas have been neglected for almost 20 years and the High Court has ordered Eddies Pfugari to fully service the two sections within 90 days or it will...
According to a report by international property firm Knight Frank, rents in Zimbabwe are the lowest in sub-Saharan Africa. The same report states that the issue is due to long existing economic problems that lead to very low demand for properties in all sectors. The most expensive residential properties in Zimbabwe have an average of $2,000 per month, the most expensive after Botswana at an average of...
About a year ago, the Zimbabwean authorities introduced a new local currency called "bond notes", equivalent to the US dollar, after having seen its local dollar currency peaked up to 200+ million percent in the past few years, rendering it totally worthless. This new currency had an impact on the property market in Zimbabwe, as explained by several property professionals in the country. A lot of...
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