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Peter Matambanadzo Senior Reporter
At least 584 of Harare’s up-market properties were last year attached by the Sherriff and auctioned over non-servicing of loans. Chief registrar, Mr Walter Chikwana today said the properties were attached after court orders were issued.
“Records show that 584 houses were attached and auctioned because the owners failed to service their loans,” Mr Chikwana said.
He said the majority of the properties were in up-market suburbs among them Borrowdale, Mount Pleasant, Glen Lorne and Mandara.
A leading auctioneer in Harare said last month alone the firm auctioned 35 houses.
“We put 35 properties under the hammer that had been attached over non payments of debts,” he said, adding that this was one of their biggest sales.
An estate agent expert also said most properties were overpriced when we started using the United States dollar and the owners borrowed against these artificial prices.
“People who are losing properties borrowed against artificial values. Prices of houses were almost double. So people who borrowed using those values are now failing to pay back even if they sell their property the money is not enough to offset the debt,” he said.
He said the debts were taken between 2009 and 2010.
Online Reporter