HomeBusiness DigestProperty market picks up

Property market picks up

Staff Writer

THE property market is gradually picking up as year-end approaches, say estate agents.

A spokespe

rson for Redfern & Mullet (Pvt) Ltd said the company had sold several small houses and cluster homes so far this month.

“The market is picking up,” she said. “We have sold quite a lot of small houses and cluster homes in Hillside and Eastlea. Prices are also firming.”

She said there were however, not many new instructions during this time and her company was selling houses that had been on the list for quite some time.

“The current month has been better,” she said.

She said customers were still finding it extremely difficult to find properties to buy because owners are now unwilling to sell.

She said whatever her company was given to sell was quickly being snapped up.

A spokesperson for Tony West Real Estate (Pvt) Ltd said houses in the $300 million and $500 million range were selling fast.

She said houses in the Avondale, Crowhill and Westgate areas were the most popular at the moment because of the accessibility to shopping malls.

Avondale and Westgate have huge shopping complexes.

A spokesman for Southgate & Bancroft (Pvt) Ltd said the market was quiet but prices were increasing almost on a daily basis.

“Prices are going up because of the few properties on the market,” he said.

“The demand is now very high. In fact at the moment all types of properties are in demand.”

He said flats were also in demand because individuals saw them as more affordable than houses.

“Flats are very much in demand but are currently not available,” he said.

Seeff Zimbabwe concurred the market was rather quiet. A spokesman for the company said residential properties still dominated the market but the number of sales was very low.

Another property mar-ket watcher said the sector would pick up beginning next month when individuals receive their annual bonuses and dividends earned from investing on the Zimbabwe Stock Exchange.

“Most companies pay their bonuses, including government, and this is the time when there is plenty of cash, some of which is used to buy houses,” he said.

He said some of the money would be coming from Zimbabweans living abroad who take advantage of the foreign exchange situation in the country to snap up houses. The locals send money to their relatives in Zimbabwe who then change the currency on the parallel market at exorbitant rates.

While the Zimbabwe dollar is officially pegged at $824 against the United States greenback by the Reserve Bank of Zimbabwe (RBZ) it is going for as much as $6 000 on the streets.

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