Zimbabwe experiences increased demand for properties
ZIMBABWE’S property market is experiencing increased demand for properties due to a growing population as well as out-dated stock a development that offer significant growth opportunities. property company Tigere Real Estate Investment Trust (REIT) has said.
The firm says tenant demand within most sub-sectors remains strong due to the shortage of quality stock.
In its abridged financial statements for the half year ended 30 June 2023, the property firm said the property market continues to see transactional growth with sale of existing stock and numerous developments taking place across the country.
“Steps to improve the regulatory environment for the property market are being taken by industry and Government, which will make it easier for all investors to participate.
“Increased demand for properties due to a growing population as well as out-dated stock has also provided significant growth opportunities. Tenant demand within most sub-sectors remains strong due to shortage of quality stock.”
The country’s commercial and residential property market has weathered many odds as evidenced by the ever-presence of ongoing construction projects across the country.
This positive development comes at a time when the construction sector is projected to continue growing largely due to demand for offices, industrial and retail buildings as well as houses across the country.
The real estate sector in the country is offering a great investment opportunity for both corporates and individuals.
The ongoing housing reform agenda also provides opportunities for the private sector to participate in infrastructural development projects.
Key reforms have been designed to achieve macroeconomic stability, improve the business operating environment and ensure the structures of local industries are internationally competitive.
The long-term benefits of all the policies are invaluable to sustainable economic growth and a higher quality of life that leaves no one and no place behind.
Housing development, which is largely supported by the informal sector and the diaspora community, is expected to continue on a growth trajectory.
Meanwhile, the firm has declared its second quarter dividend of US$ 255 202 made up of US$218 087 as well as an additional ZWL167 651 585 in respect of the period ended 30 June 2023.
The firm noted the rental revenue was US$790,523, net property income was US$861,949 and the total income was US$862,636
Tigere also said the total operating expenses were US$244,448, total comprehensive income was US$567,392, and net asset value was US$22,53m.-chronicle
