That’s the news from Chandalala Kondolo, principal of the Chas Everitt International franchise in Lusaka, who notes that foreign buyers are increasingly gravitating to Zambia given the favourable exchange rate and the fact that the country will soon be home to some very upmarket mixed-use developments.
“The only downside is that foreigners can’t own property in Zambia unless they are permanent residents or own a company in the country, but many foreigners are only too happy to meet these prerequisites as they believe Zambia to be a worthwhile country in which to invest.
“A large percentage of buyers are South Africans who have set up businesses and bought both commercial and residential properties. A number of South Africans have also bought lodges in game parks and are doing very well. South Africans also dominate the rental sector and although they aren’t really buying holiday homes yet, we expect this to change soon.”
Two new developments in Lusaka, the Heart of Africa and the Jewel of Lusaka are also attracting foreign interest.
The Heart of Africa is Zambia’s first ever lifestyle estate as well as the country’s largest residential project to date. Approximately 850 homes are due to be built along with a commercial and retail node, a five star hotel, restaurants, an 18-hole Matkovich designed golf course, a country club, dams and communal parks covering 70ha. Security protocols will be of the highest standard.
The Jewel of Lusaka is similar to the Heart of Africa from a mixed-use perspective. Liberty Properties and the Zambia National Pension Scheme Authority (NPSA) are co-developing this $200m project, which will comprise retail, office, hotel and residential nodes.
Construction on the development commenced in January 2009 and is due to be completed at the end of 2010. The hotel will house 150 rooms with penthouse suites and a 400-seat convention centre. Approximately 20 000sqm has been allocated for office space and 30 000sqm has been set aside for the retail element. A cinema complex and restaurant facilities will also be included.
CHAS EVERITT INTERNATIONAL
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Article by: CHAS EVERITT INTERNATIONAL