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Knight Frank's latest analysis reveals the state of Zimbabwe's property market, and the results are fascinating. From residential to commercial sectors, here's what you need to know:
Residential:
Cluster homes have become increasingly popular, however, the issue of affordability remains a significant concern. Properties in densely populated areas are priced between US$60,000 and US$80,000, whereas those in moderately populated areas range from US$140,000 to US$250,000. Luxury apartments are highly sought after, commanding prices as high as US$500,000. Investing in low-cost housing presents an opportunity, as the demand surpasses the available supply.
Offices:
The CBD is witnessing a trend of companies relocating to suburban offices, where the monthly rentals range from US$12 to US$15 per square metre. While new office developments are limited, there is a significant demand for complexes such as the Strand Corporate Office Park situated on Borrowdale Road.
Retail:
The Central Business District (CBD) is experiencing growth, as small and medium enterprises (SMEs) are fueling the need for compact retail spaces (9-50 sq m) priced at US$40 per square metre. Retail spaces in suburban areas are also sought after, with rental rates varying between US$13 and US$17 per square metre. Upcoming projects such as Big Poppers Shopping Mall and African Horizon's complex in Rolf Valley are poised to make a significant impact on the market.
Industrial:
There is a significant demand for warehouse space, as both local and international investors are quickly acquiring storage, distribution, and logistics facilities. The focus is on repurposing properties in Graniteside and Willowvale for retail purposes, indicating a shift in the market. The sustainability of the cluster home trend remains uncertain, with affordability being a key factor.
Only time will reveal its long-term viability. However, it is evident that Zimbabwe's property market is undergoing changes, and investors should pay attention to these developments.
