malvernmugadzikwa
Business Reporter
ZIMBABWE’s population is expected to reach close to 17 million by 2030, and this growth is likely to increase demand for affordable housing.
Latest property market trends indicate a shift towards environmentally sustainable property options.
According to the 2023 “Emerging Trends in Real Estate” report, environmental sustainability initiatives are being embraced by the real estate sector across various aspects of their business, including construction, risk management and operational practices.
Businesses that invest in sustainable commercial properties have the ability to attract and keep customers who prioritise supporting environmentally friendly companies.
Ministry of National Housing and Social Amenities Permanent Secretary Engineer Joy Makumbe believes “consumers are increasingly aware of the issues surrounding climate change and are looking to support businesses that are prioritising sustainability”.
Zimbabwe is well on track to meet the emerging global demands, with leaders in the property market aligning operations to tech- and sustainability-driven initiatives such as Vision 2030 and the National Development Strategy 1.
The National Housing Policy and various other urban renewal programmes are among several Government initiatives that are expected to contribute to an anticipated surge in demand for well-organised residential and commercial spaces.
The Zimbabwe property market is projected to expand markedly in the foreseeable future.
The rapidly expanding middle class, growing population and urbanisation have created sustained demand for housing and commercial spaces.
Sustainable commercial properties provide greater cost savings over time.
Cost savings can be achieved by businesses through use of fewer energy resources, which reduces the energy bill.
“Opportunities exist for sustainable development, incorporating green building practices and renewable energy sources into property projects, thus contributing to environmental conservation and sustainable growth,” added Eng Makumbe.
Investors, she said, have the opportunity to diversify their portfolios and generate stable long-term returns through the capital appreciation potential and rental income offered by the property market in Zimbabwe.
“There are positive forecasts for the real estate market in Zimbabwe, suggesting significant growth and a potential boom by 2024,” she said.
First Mutual Properties managing director Mr Christopher Manyowa noted that sustainable commercial properties are a great way to reduce a company’s carbon footprint.
“By using energy-saving components like water harvesting, use of natural lighting, double glazing, solar panels and recycled building materials, commercial properties can effectively lower their energy usage and mitigate carbon emissions,” he said.
“First Mutual Properties has made strides in the clean energy sector by installing a solar plant at its flagship building, First Mutual Park, and a pedestrian side walk along the main arterial route leading to the premises.
“Renewable energy is now a prerequisite for all new buildings within its portfolio, in addition to other environmentally friendly practices such as solid waste management, recycling and installing pedestrian-friendly streets.”
Sustainable properties provide an opportunity to create a positive influence in
communities and elevate the standard of living.
“Investors can contribute to addressing the substantial housing backlog and reducing poverty by developing affordable housing options, ultimately enhancing inclusivity and social cohesion,” he added.
With the country’s expanding population, growing informal sector and rapid urbanisation trends comes an urgent need for affordable yet high-quality housing, alongside suitable work space for small and medium enterprises, flexible office spaces and commercial premises.
“Allocating resources towards these domains will not only tackle the current supply-demand imbalance, but also generate considerable employment and economic growth,” said Mr Manyowa.
The property sector in Zimbabwe has already witnessed significant success stories, demonstrating its potential for increased contribution to economic growth.
By completing several remarkable commercial and residential developments, the industry has proven its capability for growth and innovation.
Online Reporter