Zimbabwe's Real Estate Industry Gets Attention From Nigerian, United Arab Emirates Investors1 year ago
Nigerian and United Arab Emirates companies have submitted proposals for various projects in Zimbabwe’s real estate industry.
The investors who held talks with Zimbabwe Investment and Development Agency (ZIDA) officials this Tuesday expressed optimism over prospects of investing in housing delivery, infrastructure units as well as industrial and commercial properties.
Said Dr Kingsley Azonobi, Domak Group Chief Executive Officer:
The talks were very cordial as they also offered an opportunity to get to understand one another’s needs, while also being given the platform to see and assess what Zimbabwe offers. Therefore, this presented us with an opportunity of coming back into the country once all the approvals are made.
Zimbabwe Investment and Development Agency Acting Chief Executive Officer, Mrs Duduzile Shinya noted that the potential investors also inquired about other projects apart from the real estate.
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The business proposals by the Nigerian and United Arab Emirates investors are now being assessed by regulatory authorities, according to ZBC News.
Dr Hillary Emoh, Royal Advisor to His Highness Sheik Ahmed Bin Faisal Al Qassimi of the UAE said the real estate sector in Zimbabwe has what it all takes to be viable. ZBC News cites him as saying:
Though expensive, there are very good opportunities that we can utilise to our advantage taking the huge demand for housing across the country.
The real estate sector, though capital intensive, is also considered an important element in hedging against macroeconomic variables such as inflation.
As a key economic enabler, the real estate industry is also considered by the World Bank as important in contributing to overall annual Gross Domestic Product rates for global economies.