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A Look Back at 2022 and Where the Market is Headed
As 2022 draws to a close, Zimbabwe’s residential property market continues to reveal important trends and shifts. While the market remains dynamic and somewhat unpredictable, signs of growth and investor interest are clearly visible across the country.
Whether you’re a buyer, seller, investor, or property developer, here are the key insights from the year that matter most:
1. A Mixed Market: Supply, Demand, and Pricing
While some suburbs have experienced more supply than demand, the presence of active buyers remains strong. Properties that are well-located and priced accurately are moving relatively quickly.
At the same time, affordability remains a hurdle for many potential homeowners. With limited access to mortgage financing, cash transactions and installment-based stand purchases continue to dominate.
2. Residential Property Still Dominates
Residential real estate remains the most active sector, both in terms of new development and sales. Zimbabwe’s national housing backlog currently estimated at over 1.25 million units continues to drive demand, especially in peri-urban areas where land is more affordable.
With self-build models gaining popularity, buyers are increasingly turning to serviced stands they can build on gradually over time.
3. The Rise of Gated Communities and Cluster Homes
One of the biggest surprises in 2022 was the steady rise in sales of cluster homes and gated apartment communities. These developments appeal especially to the middle and upper-middle classes, who are upgrading their lifestyles while seeking privacy, security, and convenience.
Modern amenities, low maintenance, and communal living have made these options very attractive.
4. Growth Along Major Harare Corridors
Sales have increased significantly along new commercial corridors in Harare, particularly around:
- Emmerson Mnangagwa Road (formerly Enterprise Road)
- Liberation Legacy Way (formerly Borrowdale Road)
- Harare Drive
- Churchill Road
- Samora Machel Avenue
- Second Street
These areas are benefiting from infrastructure improvements, zoning changes, and redevelopment activity.
5. Redevelopment of Old Suburbs
Established neighborhoods such as Greendale, Mandara, Marlborough, Hatfield, and Waterfalls are being transformed. Former single-family residences are being converted into commercial buildings or redeveloped into cluster homes.
This trend reflects a shift toward densification, especially in locations with proximity to commercial hubs and major road networks.
6. Urban Apartments in High Demand
Apartments in well-connected, central locations especially The Avenues and Avondale are seeing high demand. These areas appeal to professionals and small families due to:
- Walkability
- Access to services
- Security and managed infrastructure
With demand regularly outpacing supply, investment in this segment remains promising.
7. Renewed Focus on Affordable Housing
The low-income housing segment is expected to gain momentum as more banks enter the development space. With government backing and partnerships with local authorities, efforts to lower the cost of housing are underway.
This aligns with NDS1 and Vision 2030, which target the delivery of 220,000 houses and flats by 2025.
Looking Ahead: Should You Sell or Buy Now?
If you’re a property owner considering selling, now is a strategic time to act. Demand remains healthy in key segments, especially for:
- Affordable stands with title
- Properties in high-demand suburbs
- Renovated homes near commercial zones
- Cluster homes and apartments in secure estates
Buyers, on the other hand, should act quickly where prices are still within reach particularly in areas poised for infrastructure growth or government-backed developments.
Conclusion
The residential property market in Zimbabwe continues to evolve with strong buyer interest, increased development activity, and promising investment prospects. Whether you're selling, buying, or investing, staying informed about these trends can help you make confident, strategic decisions in 2023.
Want help pricing your home or finding a stand in a hot zone? Visit www.property.co.zw today and connect with professionals who can guide you.
