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Zimbabwe's real estate market is growing, with many opportunities for investors and homebuyers. From the bustling city of Harare to the scenic town of Chiredzi, there are numerous options for those looking to invest in plots. Zimbabwe's economy is diversifying, with a focus on agriculture, mining, and tourism, making it an attractive destination for investors. The country's natural resources, including coal, gold, and diamonds, also make it a hub for mining activities.
With a growing population of 2% per year, Zimbabwe's real estate market is booming. Plots are available in various sizes, ranging from 1,000 to 10,000 square metres, and popular areas to locate include Harare, Bulawayo, and Victoria Falls. The average plot price ranges from $10,000 to $50,000, with a rental yield of 8–12% per annum.
While the vacancy rate is relatively high at 10%, there are still many opportunities for investors to capitalise on the growing demand for housing and commercial space. When considering buying a plot in Zimbabwe, factors such as zoning, accessibility, and amenities should be taken into account. With the right investment, Zimbabwe offers a unique opportunity for growth and development.
Factors to consider when buying a plot in Chiredzi:
1. Location: Consider the proximity to amenities like schools, hospitals, shopping centres, and public transportation. You will need to have the ease of moving around on your new plot, and you will need to be able to transport your produce anyway.
2. Zoning and land use: Ensure the plot is zoned for your intended use (residential, commercial, or industrial). Yes, not all plots are built to do everything, so ensure the plot you are choosing has the right soil and weather to produce whatever you are going to produce.
3. Size and shape: Consider the plot's size and shape and how they suit your building plans. Whatever you intend to do on the plot, make sure you will be able to do what you envision. For example, if you are going to be doing heavy-duty farming, will you be able to accommodate your family and all the workers you might need?
4. Topography and drainage: Check the plot's terrain, slope, and drainage to avoid potential waterlogging or erosion issues. The susceptibility of a property to flooding is greatly influenced by its location. Low-lying areas are more susceptible to flooding, which can have a significant impact on the property's value and insurance costs. Implementing effective drainage solutions and adopting floodplain management strategies can effectively reduce these risks.
5. Access roads and infrastructure: Ensure the plot has good road access and is connected to essential services like water, electricity, and sewage. A plot located on a primary thoroughfare will provide convenient transportation access, facilitating the daily commute for residents. This advantage proves especially valuable for individuals without personal means of transportation.
6. Environmental factors: Consider the plot's proximity to natural habitats, wetlands, or other environmentally sensitive areas.Understanding environmental elements like climate, natural resources, land use, physical attributes, noise, and light pollution impacts property value, aiding informed real estate purchases and investments.
7. Neighbouring developments: Research nearby projects or developments that may impact your property's value or quality of life. Living in a neighbourhood with potential for growth is essential. Localities located within a 15–18 km radius of corporate establishments such as banks and commercial hubs tend to experience faster development compared to areas situated farther away.
8. Title deeds and ownership: Verify the seller's ownership and ensure the plot has a clear title deed. The Deeds Search provides you with essential information that will be of great value to you. This includes details such as the registered owner's identity and a comprehensive description of the property. The description will specify the physical location of the property, its size, and any conditions associated with it.
9. Pricing and market value: Research the local market to ensure you're paying a fair price for the plot. Understanding market value aids in making informed property purchases, enabling buyers to evaluate the reasonableness of the asking price.
10. Local building regulations: Familiarise yourself with Chiredzi's building codes, permits, and approval processes. The Building Regulations have been established to
prioritise the safety, health, and welfare of people within buildings and their surroundings. Furthermore, these regulations aim to optimise fuel and power conservation, safeguard and enhance the environment, and encourage sustainable development. The local councils are entrusted with the administration of these regulations.
11. Community and neighbourhood: Consider the local community, noise levels, and potential nuisances. Delivers prompt social integration. You are not just buying property; you are joining a social network. Established neighbourhoods often nurture active community bonds, encouraging social engagements, communal gatherings, and a sense of unity.
Gathering from all these buying a plot in Chiredzi or any other area in Zimbabwe requires careful consideration of various factors. From location and zoning to environmental concerns and local building regulations, it's crucial to do your due diligence to ensure a wise investment. By following this guide and conducting thorough research, you can find the perfect plot to suit your needs and goals. Remember to stay informed, plan carefully, and seek professional advice when needed. With the right approach, your plot purchase can be a successful and rewarding experience, paving the way for a bright future in Zimbabwe's growing real estate market.
