SA estate agents bet on Zimbabwe
Zimbabwe may not rank top of mind for many when considering attractive investment destinations. But a substantial housing shortfall amid growing demand is prompting big SA real estate brands to expand their operations to Zimbabwe. Seeff and Pam Golding Properties have had a presence in Harare for some time already. Last month, Fine & Country opened its first office in Harare. Linda Erasmus, CEO of Fine & Country sub-Saharan Africa, says the group plans to open more offices across Zimbabwe, aiming for about 80 agents nationwide.
Karen Nyenga, CEO of Fine & Country’s newly established Zimbabwe office, says Zimbabwe is still a solid property investment destination, given the estimated backlog of least 1.8m homes and very little new stock being added to the market in recent years.
She says there is a massive opportunity for credible developers and financiers to enter the market, especially at the lower end, where banks are keen to lend to qualifying buyers. “There remains a huge gap between supply and demand, which needs to be filled.”