(TALKZIMBABWE) ‘Zim property market booming’

‘Zim property market booming’
Ralph Mutema
Tue, 18 Nov 2008 21:24:00 +0000

THE property market in Zimbabwe has witnessed a boom despite the current economic challenges being faced by the country, the Zimbabwe Guardian has learnt.

According to Andrew Golding, chief executive of Pam Golding Properties, the property market in Zimbabwe has only now turned from a sellers' to a buyers' market.

Speaking at a press conference Tuesday, Golding said property still remains an important form of investment and many foreigners have expressed interest in the Zimbabwe property market.

"Property is still seen as an important form of investment, with high interest among South Africans as well as Russian buyers," said Golding.

"Despite the global economic crisis, Zimbabwe has yet to experience depreciation in house prices and the property market remains relatively unscathed," he added.

He said that buyers are mainly seeking investment property in the price range from US$200 000 to US$450 000 for residential property and from US$450 000 upwards for commercial property.

Golding said that his company was marketing a state-of-the-art tobacco factory for US$15-million.

He expects the property market to continue on a boom for the foreseeable future.