Reiz Winter School begins on Thursday

HARARE - The Real Estate Institute of Zimbabwe (Reiz) will be holding its 2018 Winter School in Victoria Falls from July 5 to 8 under the theme “Integrating Sustainability in the Real Estate Sector for Economic Transformation.”

The Winter School is coming at a time the property market has remained depressed in the first half of 2018 due to a subdued economy, with rental income suffering a knock as voids increased during the period.

Reiz president Mike Juru said the property market had remained subdued with no significant movements across the sectors during the first half of the year.

“Activity is visible at the lower end of the residential sector where there is a meeting of the minds between buyers and sellers unlike the residential high end where polarised positions are the order of the day,” Juru said.

“Land prices on well-developed infrastructure have firmed up on price per square meter. We have also witnessed government making effort in regularisation of illegal settlements which is a positive move to give confidence to the sector,” he said.

He said voids and rental arrears remain a worrying factor which directly speaks to the economy.

“Major new developments which took off the ground in the last six months include NMB head office along Borrowdale Road which is most likely for owner occupation and its impact had been to create activity in the construction sector and increase office space,” he added.

Various property sector reports released in the year to December 31, 2017 indicated that the retail property sector recorded marginal returns, although rentals within that sector have declined. — The Financial Gazette

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