Real Estate news – Looking for top dollar in Africa

THE economic slowdown in South Africa has seen estate agencies scrambling into the rest of Africa.

The agencies that have crossed the borders include Chas Everitt International, Pam Golding Properties, Seeff Properties and Harcourts.

But other large agencies are exploring partnership arrangements with agents in Botswana, Mozambique, Zambia, Malawi, Namibia and Zimbabwe.

The arrival of skilled South African professionals in many of these countries has driven up the prices of commercial and residential real estate, according to Graham Barclay of Ewing & Associates.

Chandalala Kondolo, principal of Chas Everitt International in Lusaka, Zambia’s capital city, said foreign buyers, including South Africans, are increasingly investing in the country.

“There are a number of factors, such as the favourable exchange rate and the fact that the country will soon be home to some very upmarket mixed-use developments,” he said.

Chas Everitt International’s website shows a 2ha piece of vacant land in Lusaka on the market for R2.4-million. A five- bedroom smallholding in Chilanga, south of Lusaka, is being sold for R13.9-million.

A three-bedroom apartment in the Lusaka upmarket suburb of Kabulonga is up for rent at R22708 a month, while a four-bedroom house is advertised for R28334. Seeff Properties has offices in Botswana, Mozambique and Zimbabwe.

Yesterday, a four-bedroom home, with a 5.5kV generator and borehole, in Borrowdale Brooke near President Robert Mugabe’s official residence in Harare was on the market for 250000 (about R1.9-million). A 5 000m² vacant stand near the house was for sale at 180000.

South African-based buyers are reportedly spending between R1.2-million and R5-million for homes and apartments in Zimbabwe.

Article from: www.thetimes.co.za