South African real estate giant, Chas Everitt International, is expanding to Zimbabwe and will shortly open an office in Harare, targeting new opportunities spawned by sustained economic recovery in recent years, chief operating officer (COO) Barry Davies has said.
He said Zimbabwe had registered steady economic recovery over the past few years, driven by rapid growth in key industries such as mining, tourism and agriculture, which is attracting many new affluent buyers and investors to the local real estate market.
"In addition, urbanisation is increasing and there has been a surge in diaspora spending in response to the government's policy reforms and infrastructure developments, with the result that Zimbabwe now has one of the fastest-growing property markets in Africa."
Certain challenges still exist, he noted, including currency instability, high construction costs and regulatory uncertainties, but despite these, he recogned Zimbabwe's residential real estate sector was expected to be worth some US$85-billion this year and would grow at an annual rate exceeding 5 percent to reach more than US$104-billion by the end of this decade.
"Our new Chas Everitt office in Harare, under the leadership of local business stalwarts Trevor Jakachira and Evelyn Mbundire, will cater to the growing demand for prime residential properties in suburbs such as Avondale, Borrowdale and Mount Pleasant and is currently assembling a top-performing team of experienced estate agents.
"It will provide expert guidance and a comprehensive range of real estate services, including sales, leasing, and property management to both local and international buyers, helping them navigate the opportunities and challenges of Zimbabwe's dynamic property landscape."
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And there are excellent investment opportunities, said Mr Davies. "For example, the most recent statistics show that an influx of expatriates and business professionals has driven prime residential rents up by more than 10 percent over the past three years, so that four-bedroom apartments or homes in Harare are now commanding up to US43500 a month. "Platforms like Airbnb are also fuelling demand for short-term rental units and holiday homes.
"Consequently, a significant portion of current property inquiries is currently driven by Zimbabweans abroad looking to invest in luxury rental apartments as well as family homes, and by global investors who are always on the lookout for diversification opportunities in thriving emerging markets."
Mr Davies said that as a result of its affiliation to leading real Estate companies of the world, Chas Everitt was easily able to connect top property developers and owners in Zimbabwe to these affluent investors across the world, "and with local business leaders at the helm who have a deep understanding of the evolving market trends and investment opportunities in Zimbabwe, we are best-placed to assist those investors in making informed choices and smart property decisions."
The Chas Everitt International Property Group, founded in 1980 by Charles (Chas) and Tilla Everitt, has grown into a prominent real estate agency in South Africa.
