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Harare, Zimbabwe (May 14, 2024): Zimbabwe's real estate market is experiencing a period of adaptation, with affordability emerging as a key driver in both the residential and commercial sectors.
Residential Market Prioritises Affordability: A recent survey revealed that over 60% of potential homebuyers in Zimbabwe are seeking properties priced below $100,000 USD. This shift in demand is prompting developers to adjust their strategies, with a growing focus on smaller unit sizes and flexible payment plans. The government is also expected to play a larger role, with initiatives aimed at increasing access to affordable housing.
Commercial real estate adapts to a new normal. While the commercial real estate sector is showing signs of recovery, particularly in industrial areas, traditional office spaces are seeing a decline, especially in central business districts (CBDs). Seeff Blog reports a 20% decrease in demand for prime CBD office space compared to pre-pandemic levels. This trend is attributed to businesses adopting new working models, with a rise in remote working and a preference for suburban office spaces. However, the industrial sector is experiencing a boom, fueled by growth in key sectors like mining, agriculture, and logistics.
Innovation and Sustainability Take Root: The Zimbabwean real estate market is also witnessing the rise of sustainable living. Property.co.zw reports a 35% increase in searches for properties featuring eco-friendly amenities such as solar panels and water-saving features. Additionally, tech integration is revolutionising the industry, with virtual tours and online listing platforms becoming increasingly popular.
Looking Ahead: As the market evolves, affordability, sustainability, and technological adaptation are poised to remain at the forefront of Zimbabwe's real estate landscape.
Property.co.zw is a leading marketing agency specialising in the Zimbabwean real estate sector. We provide a comprehensive suite of services to help clients navigate the evolving market and achieve their real estate goals.
