Zimbabwe experiences an upsurge in real estate market activity

Zimbabwe's real estate market has experienced an upsurge in activity across all sub-sectors from 2022 through to 2023 supported by the sector's growth potential given decades of stagnant growth. 

Despite the current economic situation, the real estate market continues to show signs of improvement and resilience. There is a notable increase in demand for rental space for suburban offices and industrial properties, increased capacity to pay market rents in the occupier market and a sharp rise in the number of residential and commercial construction projects.

For most Zimbabweans, becoming a homeowner is the ultimate dream, as real estate is considered to be a key economic resource and a perfect hedge against inflation plaguing the nation, a trend that has led to a boom in housing development, construction, and sales.

There is growing demand for affordable housing, modern office and retail space, and industrial properties also as evidenced by the increase in new builds and renewals of old stock.

The Introduction of REITs is aiding the growth of activity on the market as the new money chases opportunities to invest and grow.