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Policy shakes up sector

Staff Writer

THE Reserve Bank of Zimbabwe’s monetary policy statement released in December last year shook up the property market, causing buyers and sellers to adopt a wait-and-see attitude, property market

analysts have said.

“The high interest rates reduced activities in the property market by those who had access to cheap money and were buying property,” a senior Real Estate Industry of Zimbabwe (REIZ) official said. “It also reduced the amount buyers wanting to borrow from building societies could afford.”

He said activities of asset management companies and banks that were previously very active in the property market buying property on speculative basis were stopped.

He said the auction system of foreign currency put a stop to the illegal parallel market exchange system. Demand for property from those working in the diaspora was temporarily reduced as the channels of sending money to Zimbabwe had not been spelt out.

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