Harare property market: From positively cautious t...

Harare property market: From positively cautious to positively optimistic!

Ken Sharpe

The real estate industry in Harare (and Zimbabwe at large) has witnessed remarkable growth and transformation over the past 5 years and it does not look like it's slowing down anytime soon. Fuelled by increasing urbanisation a rising middle class, and growing manufacturing output the Harare real estate and property market currently offers significant opportunities for investors.

With a diverse range of properties available across residential, commercial, and industrial sectors, Harare's property market presents a compelling proposition for both local and international investors. This article aims to delve into Harare’s (and by extension Zimbabwe's) real estate landscape, highlighting the construction projects that WestProp Holdings is currently undertaking and showing the opportunities on offer in Harare and Zimbabwe when considering property investment and/or development.

Real estate in Harare can be distinctly divided into commercial, industrial and residential real estate properties. Over the past few years, property development in Harare has gained popularity with both local and international investors, and there has been so much activity in changing the city’s skyline. This growth in urban property development has largely been driven by a population that is migrating to urban areas seeking employment opportunities and growing businesses. These reasons have led to a rising demand for commercial, industrial and residential properties.

Revitalising the city’s skyline

At WestProp, we are revolutionising Harare’s skyline and the whole residential property sector. We have pioneered and led the way where others are now following in our mantra to live, work, shop and play. WestProp Holdings is leading the way in creating lifestyle communities by creating spaces that encourage socializing. Our mission is to bring people together and promote community living. In doing so, we aim to incorporate the core values of our culture and tradition into our developments. As Africans, we like to socialize and be in the same community. We are not used to living in homes where we are isolated from the community. So, we're creating residential estates where we have open spaces where people can interact.

The developments that WestProp Holdings is building in Zimbabwe are unlike anything seen before in the country. Their developments are modern, clean, and beautiful, with green space making up a significant portion of the land.

The rise and adoption of mixed-use developments in harare

Historically, we always preferred single-use developments, but with land banks becoming scarce, mixed-use developments have presented a viable option for efficiently using our limited land. And it’s quite humbling that we, at WestProp Holdings, are leading the way as the first company to introduce vertical mixed-use lifestyle developments in Zimbabwe.

The rise of mixed-use housing has emerged as a significant strategy to accommodate a growing population while preserving the neighbourhood spirit in the ever-expanding urban environment. Mixed-use developments can play a vital role in regenerating metropolitan areas and reviving neglected communities. A very good example is how WestProp Holdings, in partnership with the City of Harare, will revive and improve Warren Hills Golf Course into a PGA-standard Golf Course; the first of its kind in Zimbabwe.

Through pioneering the adoption of mixed-use developments, property developers can play their part in contributing to urban regeneration projects and assist in rejuvenating the city centre by reusing old structures or building new ones from the ground up.

It's also interesting to note that the rate of residential property development that has been taking place in Harare for the past 5 years. There are currently at least 20 developments under construction in Borrowdale alone to provide similar lifestyle communities like ours where residents can live, work, shop and play within the same area.

The total amount that has been invested into these projects is over $100 million dollars. This is a positive sign showing the appetite for real estate in the city. Of greater importance is the store of value provided for the investors in these projects.

WestProp holding in Harare: towards 1 billion bricks

Our strategy statement at WestProp is to “Put 1 billion bricks into the ground by 2050”, and all our projects at the moment can be found in Harare. We are pioneering world-class, vertically integrated premium lifestyle communities in Zimbabwe and we are proud of the work we are doing to revitalise the Harare property market.

Here are some of the projects WestProp Holdings is currently working on in Harare:

Millennium Heights Luxury Apartments consist of modern architectural design and amenities tailored for premium luxury lifestyle living. The apartments consist of three (3) bedroom apartments in addition to studios (bedsitters), one (1) bed and two (2) bed apartments. His Excellency, The President of Zimbabwe, Dr. E.D Mnangagwa recently officially broke ground for Millennium Heights block 4 which will be our highest and most luxurious block yet.

Pomona City is another offering where potential homeowners can invest in. It is a secure gated community and estate comprising predominantly residential stands. The development comprises a shopping centre, schools, a park, a clubhouse, a creche and a church avenue. Nestled in pristine natural surroundings, this development harmoniously blends contemporary design with eco-friendly features.

This is in line with our vision of providing amenities to homeowners within walking distance. The city within a city will allow residents to live, work, shop and play within walking distance. Homeowners will have access to everything that they need to function on a daily basis within a short distance away. The convenience will allow them to be able to accomplish more within a day’s work.

Pokugara Residential Estate and Townhouses is another gated development offered by WestProp where you will find Pokugara townhouses. Potential homeowners can choose from either the garden, villa or manor townhouse. The units are completely serviced and will have backup water, connection provisions to solar backup, and metered LPG gas. These developments will be turnkey with either basic or platinum finishes.

As I mentioned above, we have partnered with the City of Harare to revive and improve Warren Hills Golf Course into a PGA-standard Golf Course, which will be renamed to The Hills Lifestyle Estate; the first of its kind in Zimbabwe. This state-of-the-art lifestyle community will include a tennis and swimming academy, residential units, and a luxury hotel. The golf estate will offer the first premium branded luxury residences attached to a 5-star hotel in Sub-Saharan Africa.

Each residence will have exceptional views of the golf course, immersing residents in the tranquillity of their surroundings. By harmonizing opulence with nature, The Hills golf estate facility design boasts a record-breaking 80% open green space thus creating a sanctuary where luxury meets Zimbabwe's enchanting landscapes.

WestProp Holdings' approach to lifestyle communities is unique because it takes into account the social aspects of living. By prioritizing green spaces and social amenities, the company is creating developments that are not just houses but homes where people can thrive. The way we're building our developments is completely different to anything in Zimbabwe. If you think of Dubai, it's modern, it's clean, it's beautiful and everything is in one area; That's why we say we're bringing Dubai to Zimbabwe.

Conclusion

As Harare’s property market undergoes a period of monumental growth and transformation, our legacy in the city’s property development industry continues to expand. Our sustainable, inclusive, and aesthetically captivating spaces set the tone for future generations of property developers. As our country’s GDP is set to improve, the real estate industry - led by the various players including WestProp Holdings - is poised to be a significant contributor and beneficiary, providing our country with world-class retail, office and residential spaces; helping to elevate its global standing.

Disclaimer: The articles presented on this platform are purely a reflection of personal subjective opinions. They are not to be regarded as expert advice but rather aim to share ideas and opinions. Readers must exercise their own judgement and discretion when interpreting the content provided. Any decisions or actions taken based on the information presented in these articles are solely the responsibility of the readers.

Reprinted with permission from original published on LinkedIn https://www.linkedin.com/pulse/harare-property-market-from-positively-cautious-kenneth-sharpe-9npof/