Chas Everitt International, one of South Africa’s largest real estate firms, is expanding into Zimbabwe, betting on what it sees as strong demand for high-end residential properties.
The Zimbabwe market faces problems such as currency instability and high construction costs, but there are pockets of opportunities driven by mining, tourism and agriculture, which are “attracting many new affluent buyers and investors to the local real estate market,” says Chas Everitt COO Barry Davies.
“In addition, urbanisation is increasing and there has been a surge in diaspora spending in response to the government’s policy reforms and infrastructure developments, with the result that Zimbabwe now has one of the fastest-growing property markets in Africa,” Davies says.
Chas Everitt estimates that Zimbabwe’s real estate sector will be worth around US$85 billion this year, with an annual growth rate of over 5% that could push its value beyond US$104 billion by the end of the decade.
To tap into this growth, the company is setting up an office in Harare, targeting the increasing demand for prime residential properties in sought-after suburbs such as Avondale, Borrowdale, and Mount Pleasant. “Our new office will help clients navigate the opportunities and challenges of Zimbabwe’s dynamic property landscape,” the firm says.
According to Davies, Zimbabwe’s real estate market is seeing rising rental prices for prime properties. “Recent data shows that an influx of expatriates and business professionals has driven prime residential rents up by more than 10% over the past three years. Today, four-bedroom apartments and homes in Harare can command monthly rentals of up to US$3,500.”
The short-term rental market is also firming, fueled by platforms like Airbnb, which are driving demand for holiday homes and executive rentals.
Chas Everitt reports a growing number of inquiries from Zimbabweans in the diaspora seeking to invest in luxury rental apartments and family homes. The market is also attracting global investors looking for diversification opportunities in emerging economies.
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