Zimbabwe’s real estate industry is formulating a policy to increase the value of property investments in line with the current economic environment.
The building maintenance training meeting held in the capital over the weekend provided a platform for stakeholders to focus on workable strategies to facilitate the growth of real estate investments in light of the obtaining economic environment which has resulted in slow uptake of new projects, cash-flow challenges, limited returns and high costs.
Real Estate Institute of Zimbabwe president Mr Siza Masuku says priority would be on increasing the value of existing residential and commercial properties in order to remain in business.
At a time when the local property market has moved from a seller’s portfolio where there was high competition for properties and office space in 2009 to a buyer’s market, where in some instances prices are currently being reviewed downwards, a real estate industry expert Mr Alexander MacMillin says the viability of the sector now depends on the need to preserve the quality of properties.
The limited returns in the money and equities or stock market has resulted in most individual and institutional investors taking huge participation in the real estate sector due to its ability of maintaining values in line with economic trends and generating a fair return on investments.