The celebration of National Real Estate Day on October 18, 2024, marked a significant occasion to reflect on the pivotal role the real estate sector plays in Zimbabwe’s economic and social development.
The keynote address by the Honourable Minister of Justice, Legal and Parliamentary Affairs, Ziyambi Ziyambi, highlighted the immense contributions of the sector, under the theme “Building A Sustainable Future: Real Estate for All.”
This theme aligns with President Emmerson Mnangagwa’s philosophy, “Nyika Inovakwa Nevana Vayo,” which emphasizes that the development of the country is driven by the efforts and resilience of its people. Real estate professionals, from estate agents to construction workers, embody this spirit as they create communities, generate employment, and shape Zimbabwe’s future.
Zimbabwe’s real estate sector is a key driver of economic growth, contributing to job creation across a multitude of professions. From architects and engineers to service providers in hospitality and retail, the ripple effect of real estate development is clear. As commercial properties rise, the demand for infrastructure development increases, enhancing public services and attracting new investment.
Minister Ziyambi’s emphasis on property rights and legal frameworks further underscores the government’s commitment to creating an enabling environment for investors and property owners. The robust legal protections, including Section 71 of the Constitution, safeguard the right to acquire, hold, and dispose of property. Such measures are crucial in fostering investor confidence and ensuring that the benefits of real estate development are widely shared.
The introduction of Real Estate Investment Trusts (REITs) is another revolutionary step in making the sector accessible to individual investors. By investing in REITs, Zimbabweans can partake in the sector’s growth without the complexities of direct ownership, fostering broader economic participation.
As Zimbabwe pushes toward Vision 2030, aiming to become an upper-middle-income economy, the real estate sector stands at the forefront of this transformation. With its ability to provide stability during economic fluctuations and serve as a hedge against inflation, real estate is positioned as a cornerstone of the nation’s long-term development.
As Minister Ziyambi aptly stated, “Iwe neni tine basa!” – together, we have work to do. Through professionalism, integrity, and innovation, Zimbabwe’s real estate sector can continue to be a beacon of progress and contribute significantly to the country’s socio-economic transformation. With the right frameworks and collective effort, Zimbabwe’s real estate sector will build not only physical structures but also the foundation for a sustainable and prosperous future for all.
