Zimbabwe is expected to see a significant shift in real estate’s residential segment in the next few years as developers move towards more cost effective but modern developments in line with global trends, experts have said.
From densification to adoption of recycled materials, cluster developments and smart homes, are among the trends that should shape the residential property segment going forward, with some already being implemented.
At a Zimbabwe Annual Property Market Webinar hosted by Financial Markets Indaba (FMI) in partnership with West Property Zimbabwe, property market watchers agreed there is already a shift being noticed in the sector.
West Property Zimbabwe executive chairman, Ken Sharpe, highlighted there has been land left lying idle in cities, but this is changing significantly with property developers taking it up for development of gated communities for instance and clusters homes.
This comes as city fathers are also seeing the need for densification model to meet the increasing demand for residential space, especially Harare, where desperate home seekers are opting for areas not suitable for residential habitation such as wetlands.
This also comes as home seekers are shifting to smaller but manageable spaces.
“We used to see people buying large pieces of land, acres, but this is changing significantly. People now want small pieces of land that they can manage and afford to maintain. The market now wants something that is cost effective,” he said.
West Property Zimbabwe executive chairman, Ken Sharpe
Sharpe added there has also been more innovative financing for property developments unlike in the past two decades where economic uncertainties slowed activity with developments taking longer to complete, both by individual home seekers and developers.
Memorage Architecture principal architect Mordecai Kamwaza highlighted some of the modern trends worth pursuing and up for consideration. Apart from high rise buildings, Kamwaza spoke of adoption of smart cities concept, gated communities, cluster developments and shipping container applications in a move to provide cost effective, environmentally friendly developments housing solutions. This will also narrow the housing deficit burdening the country.
Apart from the current trends in the sector, panellists also discussed how the market will perform throughout 2022 including some of the important economic indicators that property investors will need to be aware of.
FMI managing director Patrick Muzondo said the Annual Property Market Webinar – which brought experts varying from developers, professional property designers and architects, mortgage lenders and legal experts was aimed at highlighting the investment opportunities in the Real Estate Sector in Zimbabwe.
“There is a lot of activity in acquisition and development of property in Zimbabwe despite the disruptions and uncertainty’s caused by the Covid -19 Pandemic.
“The panelists looked at the trends and insights into how the market will perform throughout 2022 and beyond including some of the important economic indicators that property investors will need to be aware of,” he said.