Residential property market to hit $85billion by year-end

ONE of South Africa’s top five property companies, Chas Everitt International, has said Zimbabwe’s residential property industry will be valued at a staggering US$85 billion by end of this year and projects the sector to expand at more than five percent annually through 2030, benefiting from strong economic recovery.

Chas Everitt said the recovery was being driven by key sectors of the economy, namely mining, tourism and agriculture.
Zimbabwe’s real estate market is projected to reach a value of US$124,75 billion this year, with residential real estate holding the dominant position at US$85,35 billion.

Chas Everitt chief operating officer (COO), Mr Barry Davies, told guests gathered in Harare for the official launch of the property brand in Zimbabwe last week that the company’s decision to expand into Zimbabwe was a testament to the country’s steady economic recovery and its rapid growth in the country’s key industries.

Chas Everitt chief operating officer (COO), Mr Barry Davies

The surge in diaspora spending, coupled with Government policy reforms and infrastructure developments, has created a thriving property market that is attracting affluent buyers and investors from around the world, Mr Davies noted.

Despite some challenges, including currency instability, which is fast disappearing, Chas Everitt believes that Zimbabwe’s residential real estate sector holds tremendous potential for growth.

“In fact, it is expected to be worth over US$85 billion this year and grow at an annual rate exceeding five percent, which would take the sector to more than US$104 billion, by the end of this decade.

“We are highly cognisant of the fundamental role that the real estate and housing sector plays in driving economic development, and we strongly believe that our entry is more than just a business expansion; it is a vote of confidence in Zimbabwe’s future,” Mr Davies said.

He said in alignment with Zimbabwe’s national priorities, Chas Everitt was committed to contributing towards the country’s Gross Domestic Product (GDP) growth, which the property firm is confident will help generate employment opportunities, upskill local people, and attract foreign currency through strategic international property investments.

“Our vision, as embodied in our Vision and Mission statement by our CEO, Berry Everitt, is to be the leading real estate company of choice, renowned for our expertise, integrity, and customer-centric approach.

“We aim to provide exceptional bespoke service, ongoing innovation, and a strong value offering to our clients, and make a positive impact on and in the communities we serve.

“In Zimbabwe, our vision is to provide expert guidance and a comprehensive range of real estate services to both local and international buyers.

“We will cater to the growing demand for prime residential properties in the suburbs such as Avondale, Borrowdale, and Mount Pleasant, and our team of experienced estate agents will provide top-notch service to our clients,” he said.

Mr Davies said Chas Everitt was committed to connecting top property developers and owners in Zimbabwe to affluent investors across the region and the globe, leveraging its affiliation with leading real estate companies of the world to provide unparalleled access to global markets.

“In closing, we are excited to be a part of Zimbabwe’s thriving property market, and we look forward to working with our local partners, clients, and stakeholders to achieve our vision of being the leading real estate company of choice in Zimbabwe,” he said.

After starting off with just four local offices and around 40 agents in the north-western suburbs of Johannesburg in 2002, in Africa’s largest economy, the property company has grown to over 100 outlets.

It has a global partnership with leading real estate companies around the world and now boasts presence in 72 countries.

Chas Everitt International is one of the leading real estate companies in Africa, top five in South Africa, and looking to expand its footprint into several new countries across the continent, including Zimbabwe.

According to leading real estate consultancy Knight Frank’s recent report, Zimbabwe’s economic outlook remains modest but hopeful.

It noted that the country’s economy was projected to grow by two percent in 2024, with expectations to reach six percent in 2025.

Knight Frank also noted that inflation had begun to stabilise; pointing out that by December 2024, month-on-month inflation reached 3,7 percent, which is within the Reserve Bank of Zimbabwe’s target range.

However, the property firm said challenges such as exchange rate volatility, high cost of living, and the lingering effects of an El Niño-induced drought continued to influence market conditions.

Despite the headwinds, Knight Frank said the property market had seen significant development activity, driven by Government initiatives and increased participation from financial institutions, which have led to more mixed-use developments and residential projects.-chroncile