In Zambia’s actual property business, there’s potential to develop gated residential estates, full with water and energy infrastructure, on the outskirts of the capital, Lusaka, the place land costs are extra inexpensive. Inutu Zaloumis, proprietor and managing director of Pam Golding Properties Zambia, suggests these serviced land plots be focused on the middle-income self-build market.
Excessive mortgage rates of interest – which ranged between 16.5% and 23% by mid-2023 – have spurred a strong self-build market, says Zaloumis. Zambians steadily purchase plots of land and assemble their houses progressively over a span of 5 to seven years. Throughout this time, they reside in rental properties. “Culturally, Zambians like to construct; that’s what they do. So the residential land gross sales market is definitely performing very effectively,” she notes.
Pupil housing presents one other potential alternative, contemplating Zambia’s younger demographic with a median age of roughly 17 years. The current introduction of free main and secondary education within the nation is predicted to extend the demand for tertiary schooling for the foreseeable future.
Actual property traders also needs to take into account the Zambian city of Livingstone, positioned subsequent to the Victoria Falls on the border with Zimbabwe, because it has emerged as a well-liked location for retirement properties. Pam Golding has noticed an uptick in inquiries for Livingstone. Zaloumis attributes this rising curiosity primarily to foreigners searching for retirement properties. She highlights Livingstone’s benefits, such because the presence of a global airport and its relative closeness to South Africa, handy for these searching for medical care.
Learn our full interview with Inutu Zaloumis, titled ‘Zambia real estate: Five trends and opportunities unveiled’