Amidst the many economic challenges characterizing the Zimbabwean economy, there lie opportunities in the real estate market. Some of these opportunities are immediate and others medium term to long-term.
The objective is not to cloud you with expert jargon and rhetoric but list them in plain format so that you grab the opportunities.
- Renovations and Property Improvements
Some neighborhoods are now old and their look tired and wasted. These neighborhoods were in the early 80s low to middle class locations but now are characterized by old houses that need to be renovated and improved. Their gardens are generally in neglect state.
c. Parts of Greendale
e. And most old high density suburbs
Opportunities abound for;
- Renovation or property improvement companies
- Landscaping companies
- Hardware and building materials shops
- Buying a property, repair it and resale it
- New housing stock
Zimbabwe still suffers from housing backlog and the backlog is estimated above 1,2 million. There has been an explosion of population in most urban areas. This should be viewed as an opportunity for housing delivery.
- Low cost housing – a real low cost housing solution is required. Building societies, Banks and City/ Town councils are willing strategic partners.
- New suburbs– developers have actively developed many new suburbs in and around Zimbabwe. Tynwald, Madokero, Arlington Estates, Fairview, Hopeville are some new projects currently underway. Clients have been buying stands and thus would need assistance to build the houses.
- Cluster developments and flats
This is a real opportunity for low income, middle income and high income households countrywide. Actually there is an increase of such developments due to the appeal for;
- Cost sharing/management. Opportunities
- Buy a house in an old residential suburb on large area and develop into a cluster
- Partner council for land and develop into cluster houses or flats
- Infrastructure development and rehabilitation
Roads, drainage and services like schools and clinics need to be rehabilitated or more new ones built. New residential suburbs are in need of these services in relation to the population of these areas.
Opportunities are there for;
a. Renovation of offices and factories– all industrial factories closed for now will need to be renovated and customized for operation. Additionally, proper customization and modernization of offices is needed.
b. Construction– as new businesses enter the market someday, there is need for real estate that match their business models.
The real estate market for Zimbabwe has great opportunities and we are happy to share with you in detail.