Business Reporter
PROPERTY market game changer, WestProp Holdings Limited has been hailed for playing a pivotal role in bankrolling the country’s premium property event, ZimReal Conference.
The premium real estate and property investment conference will bring together local and regional property developers, investors, public sector officials and asset managers.
“Leading real estate company, WestProp, is once again the event's lead sponsor. Affordable finance, sustainability and diversification will be among the key issues to be discussed at ZimReal 2024 on August 28th in Harare,” the event organisers said.
WesProp’s chief marketing and sales officer, Marilyn Mosha said ZimReal has proven to be a valuable opportunity for stakeholders to build consensus on critical issues.
“It helps us to shape ideas and lobby as a unit. There are several issues we want to be addressed as an industry and when we bring them to the fore, less than one roof, we are better heard,” she explained.
The annual conference comes at a time when the local real estate market is projected to grow to US$119 billion in 2024 and contribute 2,9% to the national GDP. The residential segment holds the dominant position accounting for about US$80 billion of the market.
ZimReal is expected to explore opportunities to diversify the mix by highlighting potential in other segments, such as commercial, retail and hospitality.
“There has been a surge in the construction of office buildings and shopping malls which responding to the growing demand for reasonably priced space by the informal sector. We’ve also seen greater emphasis on sustainability, with eco-friendly features being incorporated into building designs,” said Mosha.
She also cited the expansion of the Real Estate Investment Trust (REIT) market as a boon.
“There is potential for massive uptake of this asset class which can enhance liquidity in real estate markets by attracting institutional capital and stimulating investment flows. More liquidity will help avail affordable finance, whose absence has been a hindrance.”
This year’s ZimReal Conference will be followed by an investor conference in Cape Town, The API Summit on 18-20 September, which will showcase opportunities and match investors and developers.
