A local firm is set to invest $10 million into the real estate sector in Victoria Falls, taking advantage of the continued boom in the hospitality industry and the current property rush in the resort town.

The indigenous firm has commenced the development of the high-end apartments in the resort town in response to the government’s plea for more investments towards the construction of hotels in order to avert room deficit in the country’s premier tourist destination.

The investment project will see the construction of five apartments with three floors each and is set to be completed within 24 months.

TN Holdings founder, Mr Tawanda Nyambirai said the group is excited about the positive business prospects for the resort destination and is keen to provide high quality accommodation for both international and domestic tourists.

“In the past, the environment was not conducive for us to embark on an investment of such magnitude. The environment has improved especially in the tourism sector where we see an influx of tourists,” he said.

Mr Nyambirai also said they are confident of the continued rebound in the tourism sector to be spurred by increased investments, surge in arrivals, on-going re-engagement efforts and improved business environment.

Since November 2017, Victoria Falls has witnessed renewed interests by investors to invest in various tourism and hospitality projects.

Among some of the projects is the $1.2 billion four-pronged investment project by a Dubai headquartered firm, Feonirichi, which will see the construction of a grand prix circuit, a convention centre, a shopping mall and a state-of-the-art medical resort.