Shifting real estate transforms Harare’s landscape

The year 2023 proved to be a dynamic period for the real estate sector, with the capital witnessing a surge in the launch of world-class property developments.

Notably, Terrace Africa, a prominent property developer, has played a pivotal role in reshaping the city’s skyline with the unveiling of world-class projects, some initiated in 2020 such as the Highland Park, along the ED Mnangagwa Road — formerly Enterprise.

Now, the property developer has announced its plans to transform the Highlands area in Harare with its upmarket Highland Park Precinct, which will include residential space, taking on the mixed-use model of development.

The development is expected to have world-class features and attract premium tenants as it takes shape with the completion of some segments set for 2024.

According to the property developer, the modern precinct project to provide 200,000 square meters of additional commercial and residential space, hints at a major reshaping of the suburb’s landscape in the next few years.

Renowned international models like Melrose Arch in South Africa and the UK’s Canary Wharf serve as the inspiration for Highland Park Precinct. It caters to progressive professionals and businesses searching for a prime site that marries work and life into an attractive lifestyle package.

An international hotel with a conference facility for over 700guests is included to attract foreign investment. The blueprint also reveals open-air eateries and family zones, over 350 apartments for integrated city living, and a state-of-the-art gym and wellness centre.

Highland Park is just one of the many projects that will transform Zimbabwe incorporating modern world-class standards as the country moves away from the traditional real estate developments.

Another project, Mulk International’s US$500 million Zim Cyber City in Mount Hampden, Harare offers a blend of upscale living and premium business facilities, with state-of-the-art amenities and services.

This one-of-a-kind property development is managed by Zimbabwe Global Investments (ZGI), operating within the Special Economic Zone (SEZ), and authorised by President Emmerson Mnangagwa.

The President also granted Mulk International an exclusive license to establish a blockchain and digital assets special economic zone.

“We are keen to witness Zim Cyber City’s role in the successful integration of blockchain and crypto technology and premium, residential living. I am thankful to The President, HE Emmerson Mnangagwa, for his staunch support in making Zim Cyber City a project of national importance”, said Mulk International chairman Shaji UI Mulk.

Zim Cyber City emerges as one of Africa’s most promising and luxurious pieces of real estate.

This state-of-the-art development has been compared to the Downtown and Sheikh Zayed Road developments in Dubai, UAE.

West Properties, which is also listed on the Victoria Falls Stock Exchange (VFEX) during the year has also been busy with developments that show commitment to the provision of high-end luxury housing.

Its key projects include the Pokugara, Millenium Heights, Mall of Zimbabwe and the Pomona City development also expected to transform the face of Harare.

During the year, in response to emerging trends, the city has continued to experience a notable shift from the central business district (CBD) towards office parks and suburban offices.

This movement was fueled by various factors, including businesses seeking refuge from pollution, deteriorating infrastructure, and escalating traffic congestion in the CBD.

Developers are strategically targeting retail and commercial segments, aligning with the prevailing market trends. The increasing demand for retail space, particularly by small to medium enterprises (SMEs), has also prompted developers to focus on suburban areas and office parks.

This is in addition to repurposing of already existing structures to cater for the booming SME retail sector. The trend is not unique to Harare alone but across the country’s other cities and towns.

As the sector transitions into 2024, real estate remains a lucrative investment option despite economic challenges.

Residential sector development has remained robust, supported by the informal sector and the diaspora community.

Experts suggest that the retail, hospitality, student accommodation, and office parks segment presents promising investment opportunities, while the CBD has experienced a decline in attractiveness.-herald