LAND PRICES GO BESERK

....a plot selling as high as $3.3 million

It is shocking that real estate agents are now selling land in dollars. This is Zambia and our currency is kwacha. So we cannot be buying our own land in foreign currency,”

PRICES of land in Lusaka and other parts of the country have skyrocketed to as high as US$3.3 million for less than 2 hectares of land near Sandy’s creation in Lusaka.

Parcels of land are now being quoted in US dollars in a practice that the Real Estate Association has described as predatory. Most parcels of land are being bought by foreigners.

At this rate, association spokesperson Roy Chifwakale has warned that many Zambians will be denied a chance to own land.

A 30 by 30 piece of land in New Kasama has been quoted at US$25, 000 dollars.

Mr Chafwakale has condemned the exorbitant prices and called for sanity to prevail in the sector.

He said selling land in United States dollars should not be tolerated as

it disadvantaged ordinary Zambians.

Mr Chafwakale said if the predatory behaviour of the agents was left unchecked by relevant authorities many Zambians would remain without land of their own. The trend should quickly be addressed.

Mr Chifwakale, who is also the legal advisor to the association, said the Kwacha was legal tender in Zambia and, therefore, all domestic transactions should be done in kwacha.

“If we, the people in the real estate industry, would propel the ideal of selling land in dollars, it will become inaccessible to the common person. There is no sanity in this industry and we call on relevant authorities to stop this trend in the country,” he said.

He said transparency was important for Zambians to have confidence in the real estate industry.

The Ministry of Lands and Natural Resources has been working on the new National Land Policy in consultation with stakeholders to protect the right of ordinary Zambians to own land. A Lusaka resident, Mr Mabvuto Phiri has expressed concerned over the exorbitant prices.

Mr Phiri complained that the real estate agents are exaggerating the prices and asked the government to look into the exploitation.

He said in a separate interviews that it was immoral for the agents to be selling a residential plot at as high as US$3 million.

What was more shocking, he said, was that land was now being sold in United States dollars, which should not be tolerated. “It is shocking that real estate agents are now selling land in dollars. This is Zambia and our currency is the Kwacha. So we cannot be buying our own land in foreign currency,” one of the residents said.

Another resident, who asked not to be identified, said two 30x30 plots in New Kasama were costing about K220, 000 and US$25,000, respectively.

One 22x20 plot was costing about K120, 000 while 80x40 piece was fetching about US$45, 000.

In Mkushi, 500 hectares was costing K750, 000, and 11 acres in Ngwerere, Lusaka, was pegged at K2.4 million.

A piece of 10 acres land in New Kasama was costing K4.3 million while another piece of land near Sandy’s Creations in Chilanga area was costing about US$3.3 million.