eBusiness Weekly
Enacy Mapakame
Stakeholders in the real estate sector say the country needs to adopt sustainable and smart land allocation at a time when its demand, particularly residential continues to sky rocket.
High rise buildings, for instance provide a solution to the land challenge that cities, especially Harare are facing, which has resulted in desperate home seekers opting for areas not suitable for residential habitation such as wetlands, while others are duped by fraudsters.
At a Zimbabwe Property Market Webinar 2021 held last week, panelists looked at aspects ranging from residential property market – prices, location and developments on offer, affordability with reference to mortgages and payment terms, evaluating authenticity of residential property on sale as well as smart residential housing for Zimbabwe.
City of Harare principal town planner Barbara Mugocha, said the city was now looking at modern and smart ways of allocating residential land in a conservative manner given the rising demand.
For instance, gated communities in upmarket residential areas being adopted in the country and world over were one way of providing prime residential properties on smaller pieces of land.
“We are trying to densify areas, land is now scarce. Where we can have gated communities or subdivide land, will be a welcome development unlike in the past where one house was on a vast piece of land,” she said during the webinar hosted by West Property Zimbabwe in conjunction with Financial Markets (FMI).
Speaking during the same virtual event, West Property Zimbabwe executive chairman Ken Sharpe, highlighted the property sector was evolving with times and therefore calling for stakeholders to be abreast with developments happening across the world.
“Times have changed and more needs to be done now especially on the planning side. People are moving towards gated communities and Harare is doing a lot towards this.
“What we need to do is allow people to do internal finishes in apartments according to their tastes but first ensure all the necessary and basic amenities are in place. This is a faster way of allocating properties to home seekers,” said Sharpe.
FMI director Patrick Muzondo, said hone ownership could not be over emphasized. However, the process called for due diligence to avoid any financial losses.
“We all agree that owning a home is probably the biggest dream of an individual. It is big not only in monetary terms but also the emotional value that it accords.
“To top all these, home ownership brings with it a sense of accomplishment and social status and so with home ownership signifying so much, one needs to ensure that a purchase decision is carefully analysed, planned and executed” he said.
The Zimbabwe Property Market webinar was the second of its kind following the successful holding of a similar one last year.
