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Harare Bureau
A UK-based real estate firm, Pennant Home Estate agents has positioned itself to strengthen its foothold in Zimbabwe after announcing a strategic alliance with local land developers Larob Real Estate Agents. Last week, the group, which is set to open an office in Harare shortly, announced that it was partnering local housing developers to manage a large pull of clientele in the country.
The leading housing firm in the UK says it has noticed an increase in the number of high net-worth individuals across Africa, including Zimbabwe.
Speaking to Business Correspondent in Harare last week Mr Trevor Matthews, the firm’s head of Africa operations, said Zimbabwe’s economic advantages and commodities have caught the attention of large multi-national players including his company.
“We are now seeing a dramatic shift towards the local population and on the pilot studies we conducted we discovered that Zimbabwe has great potential in terms of economic growth.
“Larob is a fast growing firm looking for better opportunities, they are looking to engage in the international markets, and therefore they are looking for an international housing agent that can take them there and that is us.”
He added that the new business initiative would offer a wide range of property services that include commercial property letting sales, valuations, development and project management to third parties.
Larob executive director Mr Robson Mapfunde also applauded the alliance with Pennant Home and said the partnership will go a long way in injecting professionalism in the land developing business in Zimbabwe.
“We welcome this investment since it will increase professionalism and may enable us to extend into the regional markets.
“Helped by a spike in mortgage inquiries this year, we accrued the largest increase since June 2010, overall consumer credit demand rose with 3,9 percent over the past year.
“There is an underlying positive trend in the estate agents sector but we need to see a strong set of ongoing results after this alliance,” he said.
The group partners other South African firms and is now hoping to reach out to new clients in Zimbabwe by offering them access to a broad range of residential and commercial stands to complement Larob’s efforts.
Meanwhile, Larob boasts of a 20 percent pull of local clients and have worked with several government institutions and the private sector making transactions amounting to $3 million annually.
In the past two years, Matthews has spearheaded the firm’s expansion across markets in Africa, including South Africa, Mozambique, Nigeria, Egypt and Zimbabwe with plans to open more offices across the continent.
“We believe that Zimbabwe represents truly the last sizeable investment opportunity for international investors,” he said.
Online Reporter