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What’s Trending in Residential Property Sales?
With the year 2022 coming to an end, we thought it might be important to summarize for you the trends that we have picked.
The property market still remains quite unpredictable in terms of sales trends with some areas having more supply than demand, but there are plenty of buyers on the market and accurately priced properties are selling well.
The majority of development activity is being witnessed in the residential segment which also continues to dominate sales activity as densification and expansion of cities continue.
The country is facing a daunting national housing backlog estimated to be around 1.25 million units, with social amenities infrastructure also in deficiency.
Demand for housing is high but capacity and affordability remains an issue for many potential buyers.
Lack of mortgage funding or its acceptance in the market has created a huge market of people buying stands on credit terms and self-build overtime mostly in peri-urban areas.
There has also been a surprising uptick in sales for exclusive and luxurious development in the form of Gated/Cluster apartments.
The middle and upper middle class are pushing demand for such properties as they seek to upgrade lifestyles.
In Harare, sales have increased within new commercial corridors across the city along major roads such as Emmerson Mnangagwa Road (formerly Enterprise), Liberation Legacy Way (formerly Borrowdale Road), Harare Drive, Churchill Road, Samora Machel Avenue East-West,Second Street, etc.
Properties in old neighbourhoods such as Greendale, Mandara, Marlborough, Hatfield, Waterfalls, etc are also being targeted for redevelopment and change of use from residential to commercial uses and into cluster developments.
Apartments in central locations such as in the Avenues and around Avondale are always in demand with demand usually outstripping supply.
Low-income housing supply is expected to improve as more banks are entering the development market in partnership with government and local authorities and also providing funding options to lower the cost of housing.
Government has encouraged such developments as they seek to deliver 220 000 houses and flats by 2025 in line with the National Development Strategy (NDS1) and Vision 2030.
If you are considering selling your property, it’s a good time for you to make a move as we expect the trends to pick up in the coming year.
