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PROPERTY EXPERTS TO CHART WAY FORWARD AT ANNUAL CONFERENCE
The 2023 edition of Zimbabwe’s most prominent real estate and property conference, ZIMREAL, will be held on September 27. The event will bring together property developers, investors and practitioners from both the private and public sectors.
The theme for this year’s conference is “thriving across uncertainties” – a timely conversation whose focus will be navigating an operating environment that has been beset with currency volatility, inflation and subdued confidence.
“The state of the economy in the first half of the year, mirrors developments in the real estate sector which has not been spared the economic headwinds that have had an effect on rental income,” noted Siza Masuku, a real estate expert, with Knight Frank.
“However, we have seen a number of corporates, such as financial institutions, channelling significant investments into suburban office developments as a way of hedging their balance sheets. There is also an intensification by institutional investors and other high-net-worth individuals towards the development of cluster houses showing the resilience of the real sector during this period,” Masuku said.
Kenneth Sharpe, CEO, of WestProp Holdings said the resilience means the sector has the potential to underpin overall economic recovery.
“The growth trajectory for Zimbabwe resides within the real estate sector. Apart from performing its time-honoured role of an unmatched store of value, property development has a multiplier effect on the entire construction value chain,” he said.
“For example, it can create employment across the board in allied industries including brick moulding, cement and furniture manufacturing, timber and steel supply, amongst others”
WestProp, one of the country’s leading property developers, is the headline sponsor for ZIMREAL for the second year.
“We believe that bringing together private developers and investment experts, who have expertise, talent and the right risk appetite, with Government and public officials, responsible for creating the enabling and conducive policy environment, will see the sector grow in leaps and bounds,” Sharpe added.
Industry expert, Masuku said he expects the upcoming conference to provide insights on how investors and developers can leverage opportunities to preserve their rental income.
“With the national housing backlog standing at more than 1,5 million, investment in affordable low-cost housing remains key, and we have noted that a subsector of up-market residential cluster developments is also growing and is a good investment, Masuku explained. “Smaller-sized industrial space of up to 500 square metres remains in demand. Refurbishment and reconfiguration of existing stock into smaller units is also a good opportunity to enhance rent income.”
Topics on the conference agenda include Real Estate Investment trusts (REITs), Tourism real estate, infrastructure development and commercial retail properties.
Zimreal 2023 is set for September 27th at the Golden Conifer in Harare. Registration can be done online at www.zimreal.com
