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Chas Everitt expands into Zimbabwe's booming real estate market
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Chas Everitt International, one of South Africa's largest real estate firms, is expanding into Zimbabwe, betting on what it sees as strong demand for high-end residential properties.
Despite challenges such as currency instability and high construction costs, Zimbabwe's real estate market presents lucrative opportunities driven by mining, tourism, and agriculture. These sectors are attracting affluent buyers and investors, according to Chas Everitt COO Barry Davies.
"In addition, urbanisation is increasing, and there has been a surge in diaspora spending in response to the government's policy reforms and infrastructure developments. As a result, Zimbabwe now has one of the fastest-growing property markets in Africa," said Davies.
Chas Everitt estimates that Zimbabwe's real estate sector will be worth approximately US$85 billion this year, with an annual growth rate of over 5%. If this trajectory continues, the market's value could surpass US$104 billion by the end of the decade.
To capitalise on this growth, the company is establishing an office in Harare to cater to the increasing demand for prime residential properties in sought-after suburbs such as Avondale, Borrowdale, and Mount Pleasant. "Our new office will help clients navigate the opportunities and challenges of Zimbabwe's dynamic property landscape," the firm stated.
Davies noted that Zimbabwe's real estate market has experienced a rise in rental prices for prime properties. "Recent data shows that an influx of expatriates and business professionals has driven prime residential rents up by more than 10% over the past three years. Today, four-bedroom apartments and homes in Harare can command monthly rentals of up to US$3,500."
The short-term rental market is also expanding, fueled by platforms like Airbnb, which are driving demand for holiday homes and executive rentals.
Chas Everitt reports an increasing number of inquiries from Zimbabweans in the diaspora seeking to invest in luxury rental apartments and family homes. Additionally, global investors are showing interest in Zimbabwe as a diversification opportunity within emerging markets.
With this expansion, Chas Everitt aims to solidify its presence in the region and contribute to the growth of Zimbabwe's real estate sector by offering premium property solutions to both local and international clients.
Despite challenges such as currency instability and high construction costs, Zimbabwe's real estate market presents lucrative opportunities driven by mining, tourism, and agriculture. These sectors are attracting affluent buyers and investors, according to Chas Everitt COO Barry Davies.
"In addition, urbanisation is increasing, and there has been a surge in diaspora spending in response to the government's policy reforms and infrastructure developments. As a result, Zimbabwe now has one of the fastest-growing property markets in Africa," said Davies.
Chas Everitt estimates that Zimbabwe's real estate sector will be worth approximately US$85 billion this year, with an annual growth rate of over 5%. If this trajectory continues, the market's value could surpass US$104 billion by the end of the decade.
To capitalise on this growth, the company is establishing an office in Harare to cater to the increasing demand for prime residential properties in sought-after suburbs such as Avondale, Borrowdale, and Mount Pleasant. "Our new office will help clients navigate the opportunities and challenges of Zimbabwe's dynamic property landscape," the firm stated.
Davies noted that Zimbabwe's real estate market has experienced a rise in rental prices for prime properties. "Recent data shows that an influx of expatriates and business professionals has driven prime residential rents up by more than 10% over the past three years. Today, four-bedroom apartments and homes in Harare can command monthly rentals of up to US$3,500."
The short-term rental market is also expanding, fueled by platforms like Airbnb, which are driving demand for holiday homes and executive rentals.
Chas Everitt reports an increasing number of inquiries from Zimbabweans in the diaspora seeking to invest in luxury rental apartments and family homes. Additionally, global investors are showing interest in Zimbabwe as a diversification opportunity within emerging markets.
With this expansion, Chas Everitt aims to solidify its presence in the region and contribute to the growth of Zimbabwe's real estate sector by offering premium property solutions to both local and international clients.
Source - newZWire
