News / Local
Property prices remain stable
28 Dec 2010 at 18:21hrs | Views
House prices in Bulawayo have remained relatively stable this year, estates agents confirmed.
In an interview, an official from John Pocock and Company who preferred not to be named, attributed the stability in the property sector to the introduction of the multi-currency system last year.
"The pricing trend of houses has remained moderate since people started using United States dollars. This situation may continue for some time to come given the continued use of a more stable currency," he said.
When asked on the rate at which people were buying houses, the official said people were buying houses but the trend was subdued by lack of access to mortgage loans.
"People in Bulawayo were buying but the trend of purchasing immovable properties is always affected by whether the person has access to mortgage loan or not. Those who have access to loans together with a few number from the Diaspora community are the main buyers of houses," he said.
In a separate interview, Guest and Tanner Estate Agents Property and Sales consultant Mr Tafadzwa Muguti said the prices for houses was generally stable but they were not selling many properties in Bulawayo.
"The prices have not changed for some time but we have not sold much in Bulawayo. We are doing well in Harare than anywhere else," he said.
Mr Muguti said it was surprising that the trend of buying houses had changed as local people were now buying more houses than those in the Diaspora.
"We are having more local people buying houses than those from the Diaspora community. The trend has surprisingly changed and one would wonder where local guys are getting the money from. Of course, those from outside are still buying but the number is insignificant compared to those within Zimbabwe," he said.
Mr Muguti said many people in the Diaspora were actually selling their houses to locals instead of buying.
"We are having many Zimbabweans based in the UK selling their properties to locals than those who are buying," he said.
He said many people preferred buying from estate agents with a few joining housing schemes.
Prices of houses in Bulawayo range from US$10 000 to US$30 000 in the high-density suburbs while in medium and low density suburbs, they are pegged between US$30 000 and US$150 000 depending on the geographical location.
In an interview, an official from John Pocock and Company who preferred not to be named, attributed the stability in the property sector to the introduction of the multi-currency system last year.
"The pricing trend of houses has remained moderate since people started using United States dollars. This situation may continue for some time to come given the continued use of a more stable currency," he said.
When asked on the rate at which people were buying houses, the official said people were buying houses but the trend was subdued by lack of access to mortgage loans.
"People in Bulawayo were buying but the trend of purchasing immovable properties is always affected by whether the person has access to mortgage loan or not. Those who have access to loans together with a few number from the Diaspora community are the main buyers of houses," he said.
In a separate interview, Guest and Tanner Estate Agents Property and Sales consultant Mr Tafadzwa Muguti said the prices for houses was generally stable but they were not selling many properties in Bulawayo.
Mr Muguti said it was surprising that the trend of buying houses had changed as local people were now buying more houses than those in the Diaspora.
"We are having more local people buying houses than those from the Diaspora community. The trend has surprisingly changed and one would wonder where local guys are getting the money from. Of course, those from outside are still buying but the number is insignificant compared to those within Zimbabwe," he said.
Mr Muguti said many people in the Diaspora were actually selling their houses to locals instead of buying.
"We are having many Zimbabweans based in the UK selling their properties to locals than those who are buying," he said.
He said many people preferred buying from estate agents with a few joining housing schemes.
Prices of houses in Bulawayo range from US$10 000 to US$30 000 in the high-density suburbs while in medium and low density suburbs, they are pegged between US$30 000 and US$150 000 depending on the geographical location.
Source - Byo24
