Zimbabwe: Political Uncertainty Hits Real Estate Sector

THE political uncertainty prevailing in Zimbabwe has caught up with the real estate sector, which is currently inactivity as the nation awaits results of the March 29 presidential election.

Industry players who spoke to The Property Gazette, confirmed this week that the property market was inactive.

Most potential sellers, they said, were holding onto their properties because of the uncertainty enveloping the country as the southern African country is delaying the announcement of the presidential results.

In an interview, Matthias Kufandirimbwa, a property analyst, said people were waiting for the election results to make decisions.

"It is difficult for people to make decisions now. Nobody is willing to sell his or her property and no one is willing to buy.

"A political settlement is needed now than ever because as a country we need to move forward," he said.

Kufandirimbwa said the situation prevailing in the country also hampers development of new properties to accommodate visitors expected for the 2010 FIFA World Cup in South Africa.

"Right now few properties meet the world class standards and there is need to develop new properties, but when the situation is like this, it is difficult to undertake any construction project.

"We need to move forward and share the cake with South Africa," said Kufandirimbwa.

Fairvest Real Estate spokesperson, Moses Mazibiye, said investors were keen to invest in a politically stable environment.

"The property sector is like any other form of investment, investors need a politically stable environment," he said.

Article from: http://allafrica.com