Zim Property Prices Soar

Some up market houses are going for as much as US$1 million in a country whose economy is serious underperforming and human rights are allegedly being abused by rowdy youths from different political parties.

A snap survey by Radio VOP this week showed that some low density houses were going for as much as US$800 000 while in high density areas in Harare homes are going for about US$20 000 such as in Mufakose.

Stands, on the other hand, are going for as much as US$20 000 in Borrowdale and US$10 000 in the Highfields suburb.

In an interview a property consultant from K and K Properties (Private) Limited said their stands were going for US$25 000 for 1 000 square metres. The stand comes with Title Deeds, she said.

At Darwin Properties (Private) Limited one acre stand with Title Deeds is going for US$25 000.

In an interview a Homelux Properties (Private) Limited official said in Borrowdale Brooke Estate a house was going for US$350 000, while in Nyanga one “cosy” property was going for US$350 000 for 10 216 hectares with four river frontages.

She said in the plush Hogerty Hill suburb in Harare a house was going for US$650 000 and consisted of four bedrooms ensuite, double storey, with 7 560 square metre.

In Chitungwiza a house is going for US$20 000 and has as its main features three bedrooms, walled and gated, while in Milton park a house is being sold for US$200 000.

Property prices have been pegged using the US greenback and analysts contend that they are being over-priced.

“Zimbabwean are used to large figures and thus the huge US dollar figures,” he said. “In the US one does not need all that money to purchase a house.”

Meanwhile bogus estate agents are now worrying registered estate agents around Harare because they are taking away business from them.

In an interview an estate agent said this was worrying because it was now the US dollar which is being used and not the worthless Zimbabwe bearer cheque which did have any value at all.

“The fact that we are now using US dollars means that we are losing out in hard currency,” he said in an interview.
“The bogus estate agents are taking away business from all of us and it is not only that which worries us but the fact that they are tarnishing our image because the customers who go to them are usually ripped off. This should be stopped and government must do something about it now because it is getting out of hand.”

He said, however, the country’s property industry was picking up due to the fact that commercial banks and building societies were now giving loans to customers to buy houses which had been stopped during the days of hyperinflation in Zimbabwe.

“Things are shaping up because commercial banks and some building societies are giving out loans to customers who then can invest in property and so the industry is picking up,” he said.

“It is actually better to build your own ‘dream house’ than to buy one because you can then take all the time you need to build it. It is also good because you can build the house of your dreams and not buy what someone else had built for their own purposes.

“Now that real money is available I think the industry is growing after having been unstable during the days of hyperinflation.”

Houses are now going from as little as US$10 000 in the high density suburbs such as Mbare and Mufakose to as much as US$1 million in the leafy and plush suburbs such as Borrowdale and Highlands in Harare.

Bulawayo properties however are much less priced than those in the capital, Harare.

Mutare, Gweru, and Masvingo prices are virtually the same but not as “high” as in Bulawayo and Harare because of prime locations.