HomeBusiness DigestDevelop infrastructure to stimulate investment - EAC

Develop infrastructure to stimulate investment – EAC

Ndamu Sandu

THE Estate Agents Council says there is need to develop infrastructure to stimulate property investment.

serif”>Council chairman Tavenganiswa Mabikacheche said the unavailability of infrastructure for the provision of water and electricity was hampering property development.

“Even if stands are available for property development, they are of no use if there is no infrastructure for water and electricity. The estate agents will do their part but they have to be complemented by all sectors,” he said.

Mabikacheche decried the shortage of properties, which he said was influencing rent controls.

“The reason why there are controls is because of the outcry from members of the public due to the shortage of properties on the market,” he said.

He said for the property market to realise good returns there was need to encourage more property development.

Mabikacheche said while his organisation had no problems working with the Rent Board, there was need for fairness in decision-making by the board.

“Our plea to the Rent Board is that when they make their decisions, they have to look at property developers,” he said.

“Decisions should encourage property owners to build more properties.”

Mabikacheche last month presented a paper to the Reserve Bank of Zimbabwe on ways to revive the property and construction sector. Mabikacheche sits on the RBZ advisory board.

The paper dwelt on the problems faced by members in the construction industry and possible solutions.

Dubbed “Revival of the Real Estate and Construction Industry”, the discussion paper is a collective effort by Bard Real Estate, Knight Frank and Mabikacheche and Associates executives. The property sector has not been providing good returns compared to other investment instruments like the money market.

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