THE Real Estate Institute of Zimbabwe (REIZ) last week appointed a new 12 member board to advance the training and development of real estate practitioner
s in the country.
Nico Kuipa, the general manager of Southbank and Bancroft property consultants, was re-elected as the president of the board which would serve until June 2007.
Speaking after his re-election Kuipa urged property practitioners to uphold professionalism in executing their duties.
“Investing and disinvesting in real estate is one of the life long decisions individuals and corporates make with our members playing a key role in the process,” Kuipa said.
He said an effective discharge of this role requires that real estate practitioners should have the highest level of integrity and professionalism.
“My board therefore has among its major tasks the onerous responsibility of continuous professional development of its members through seminars, interaction with other bodies and setting up of a central data base,” said Kuipa.
Boysen Mutembwa of Bard Real Estate was appointed vice president. Other members of the board are Messrs Oswald Nyakunika of Knight Frank, Francis Nyambiri of First Mutual Life, Allan Higgins of Redfern and Mullet, Killian Musiiwa of CC Sales, Fortune Mangwiro of Crusader Real Estate, Michael Nekati of Bulawayo Real Estate, William Ruzvidzo (Wilthor Real Estate), Isaac Ncube (Land and General), Joseph Mutepfa of Hagan and Hill and Edmore Chigonga of Great Zimbabwe Realtors.
The new board has regional representation.
Kuipa said it would continue with the agenda of the previous board which included updating students’ course material, cooperation with other bodies and setting up of a research body among other things.
The board recommended the establishment of a research arm within the institute which will enhance data collection, analysis and dissemination of information.
Kuipa said unlike other sectors, the property market is dogged by lack of publicity hence the research and data dissemination thrust.
He said the AGM extensively discussed rental levels in Zimbabwe, focusing on sustainability on the part of both landlords and tenants.
Determination of rentals, escalating rates and preservation of value particularly in the current hyperinflationary environment came under the spotlight.
“The wider view seemed to be that existing net rentals are too low when compared with other countries in the region,” Kuipa said.
Research done indicates that current levels are a mere $101 000 per month compared to five to ten United States dollars per month.
“The meeting observed that this had contributed to the dearth of new construction projects as returns are poor or negative,” said Kuipa.
Kuipa said participants felt that net rentals although not good enough should still be looked at within the context of the country’s economic environment.
“Total occupation costs, which are now beyond affordability levels to most businesses mainly due to municipal rates, must also be looked at within the same breath,” said Kuipa.
“There is widespread concern that this rates menace will lead to closure and flight of businesses from the Central Business District (CBD),” Kuipa said
The REIZ was formed in 1946 as an association of practitioners in the estate agency industry. It exists to advance the training and development of its members.
Real estate practitioners are employed in various sectors although mainly dominated in local government, insurance industry, building societies and the real estate industry.