Players in the property sector have been urged to develop a strategic road-map to stimulate economic growth through property investment and development.
The call comes on the back of low levels of investment into property across the country which has come at a massive cost to the economy.
Speaking at the fourth annual ZimReal Property Investment Forum in Harare today, the Ministry of Industry and Commerce, Sekai Nzenza underlined the role of the property sector as an economic enabler.
“This brings me to my second point. I want to urge all players to come together to develop a strategic roadmap to stimulate economic growth through property investment and development,”
“On my end, this can be done through a whole of Government approach wherein the Ministry of Industry and Commerce works together with other Ministries including the Ministry of Local Government, the Ministry of Housing and related institutions.”
The forum is running under the theme “Zimbabwe 2022: A New Horizon”- which will afford an opportunity to explore how investors and developers can create opportunities in retail, residential, hospitality and other sectors.
The property sector was adversely hit by the impact of the COVID-19 pandemic which led to an increase in remote working. A volatile currency worsened the situation for property owners who had to make quarterly rental reviews to get value which however led to high rates of defaulting.
Last month, real estate firm Knight Frank Zimbabwe said low disposable incomes in the country have battered sales of residential properties.
“As we consider the industrialization agenda under the local content policy, in particular, looking at the competitiveness, the real estate sector is an important component of the broader commerce sector.”
Some of the topics being discussed include the state of the market for suburban office accommodation and retail redevelopments, opportunities in redeveloping the Central Business District (CBD) and urban areas in Zimbabwe, opportunities for global hotel brands to enter Harare, opportunities and the imperatives for developing Green Buildings in Zimbabwe in line with the country’s commitment to reduce carbon footprint to strengthen climate resilience.
ZimReal 2022 has attracted delegates from eight countries, including South Africa, Kenya, Germany, UK, Botswana and Zambia.