Top real estate firm eyes luxury property market in Zimbabwe’s capital

By Bloomberg

Chas Everitt International Property Group is setting up an office in Zimbabwe’s capital, Harare, to make inroads into the growing luxury property market that’s attracting affluent buyers and investors.

It decided to expand into the southern African nation because of its steady economic recovery in the past few years and growth in sectors including mining, tourism and agriculture, Chas Everitt’s chief operating officer Barry Davies said.

Since 2021 economic growth has averaged 5% a year, according to International Monetary Fund data.

“It’s a bit of shock to the rest of the world how much property costs in Borrowdale,” a residential area in Harare, Davies said in an interview by phone on Tuesday indicating that the focus will be on the high-end market with property values of “a million dollars and up.”

Zimbabwe’s property market is a rare bright spot in an economy that’s been marked by currency turmoil and high inflation, with several international firms severing ties with the country including Deloitte and PwC.

Pam Golding Properties, Seeff Property Group and Cardinal Properties also have offices in Zimbabwe and UAE’s Mulk International is building luxury villas with a $500 000 price-tag each at Mount Hampden, a new city for the rich.

Zimbabwe’s residential real estate sector is expected to be worth $85 billion by December and grow at an annual rate of above 5% to reach more than $104 billion by the end of the decade, Chas Everitt said.

Zimbabweans abroad are looking to invest in luxury rental apartments and family homes, Davies said. Most queries it’s receiving are from citizens living in South Africa, the UK and Australia, he said.

More than a million Zimbabweans live in South Africa, according to a 2022 census conducted by its statistics agency.

Over the years, the property has become one of the favoured asset classes alongside the equities market in Zimbabwe, as citizens seek to hedge their savings against frequent inflation bouts and a weak local currency.

Chas Everitt will provide real estate services including sales, leasing and property management, it said.