Property sector boom in Zimbabwe


WestProp developing Pomona City in Harare, Zimbabwe

from DANAI MWARUMBWA in Harare, Zimbabwe
Zimbabwe Bureau
HARARE, (CAJ News) – ZIMBABWE is poised for a property boom as major companies roll out residential units as well, a regional mall and one of the continent’s prime golf courses.

Listed firm, WestProp, is leading the investments.

The group has already committed to its rollout of two multibillion-dollar developments, which includes the Pomona City, hailed as a “city within a city” development.

The company is also developing one of Africa’s most premier golf estates, named “The Hills.”

Both developments are already actively engaged and being developed to launch in 2024.

WestProp also confirmed it is in the final stages of negotiations for Zimbabwe’s long awaited first ever regional mall, “The Mall of Zimbabwe” which it expects to go to ground by mid-2024.

Michael Louis, WestProp board chairman, said the group continues to work towards its target of putting “a billion bricks” in the ground by 2050 and is still within this target.

“We continue to move from strength to strength after the successful listing of the Group’s shares on the Victoria Falls Stock Exchange,” he said.

Another firm listed in this exchange, African Sun, said on the property front, it was developing an additional 55 stands in Marlborough Sunset Views in the capital Harare, aiming to tap into the flourishing residential properties market.

The company expressed buoyancy at the forecast of the recovery of the sector by the World Tourism Organisation (WTO).

WTO predicts for 2023, international tourist arrivals will reach 80 percent to 95 percent of pre-pandemic levels.

Constantine Chikosi, African Sun chairman, said in alignment with these forecasts, the company expects the recovery of international arrivals to persist, especially ahead of the peak summer season.

On the domestic front, the company welcomed government efforts to stabilize the macroeconomic environment.

“We anticipate a resurgence in conference business as controlled spending resumes post-elections, following significant occupancies from election-related activities after 30 June 2023,” Chikosi said.

– CAJ News







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