Shifting real estate transforms Harare’s landscape

2023 turned out to be a very active year for the real estate market, with the capital experiencing a sharp increase in the number of world-class property developments being introduced. Notably, with the introduction of world-class buildings like Highland Park along the ED Mnangagwa Road (previously Enterprise), renowned property developer Terrace Africa has significantly contributed to changing the city's skyline. The developer has now revealed plans to construct a mixed-use, upscale residential community called Highland Park Precinct, which will revitalize Harare's Highlands neighborhood. As the construction takes shape, with the completion of some phases scheduled for 2024, it is anticipated to have top-notch amenities and draw premium tenants. Highland Park Precinct draws inspiration from well-known global examples such as Melrose Arch in South Africa and Canary Wharf in the United Kingdom. It serves forward-thinking companies and professionals looking for a premier location that combines work and play into a desirable lifestyle package. To draw in foreign investment, there is an international hotel with a conference center that can accommodate over 700 people. The plan also includes approximately 350 units for integrated city living, outdoor dining areas and family areas, and a cutting-edge fitness and wellness center. Highland Park is only one of several initiatives that Zimbabwe will undertake to shift away from conventional real estate developments and toward modern, international standards. Another project, the $500 million Zim project by Mulk International Modern conveniences and services are combined with luxurious residential and corporate spaces to create Cyber City in Mount Hampden, Harare. President Emmerson Mnangagwa has authorized Zimbabwe Global Investments (ZGI) to oversee this unique real estate development, which is situated inside the Special Economic Zone (SEZ). Mulk International was also given the only authority to create a special economic zone for digital assets and blockchain technology by the President. Its key projects include the Pokugara, Millenium Heights, Mall of Zimbabwe and the Pomona City development also expected to transform the face of Harare. During the year, in response to emerging trends, the city has continued to experience a notable shift from the central business district (CBD) towards office parks and suburban offices. This movement was fueled by various factors, including businesses seeking refuge from pollution, deteriorating infrastructure, and escalating traffic congestion in the CBD. Developers are strategically targeting retail and comm "It excites us to see how Zim Cyber City contributes to the harmonious coexistence of high-end residential living and blockchain and cryptocurrency technology. President HE Emmerson Mnangagwa has my sincere gratitude for his unwavering support in elevating Zim Cyber City to a project of national significance", stated Shaji UI Mulk, chairman of Mulk International. One of the most opulent and potential real estate investments in Africa is Zim Cyber City. The Downtown and Sheikh Zayed Road developments in Dubai, United Arab Emirates, have been likened to this cutting-edge project. Throughout the year, West Properties—which is also listed on the Victoria Falls Stock Exchange (VFEX)—has been quite active with projects demonstrating its dedication to offering upscale, luxurious real estate. Commercial segments that are in line with the current trends in the industry. As a result of the growing need for retail space, especially from small and medium-sized businesses (SMEs), developers are now concentrating on suburComercial segments in line with the current market trends. The growing need for retail space, especially from small and medium-sized businesses (SMEs), has also led developers to concentrate on office parks and suburban areas.office parks and prohibited zones. To accommodate the expanding SME retail sector, there is also the repurposing of pre-existing structures. The other towns and cities in the nation are also experiencing the same trend, not only Harare. Despite economic concerns, real estate continues to be a profitable investment option as the sector moves into 2024. The diaspora population and the unorganized sector have continued to support the strong growth of the residential sector. According to experts, the CBD has lost appeal, but the retail, hospitality, office park, and student housing sectors offer appealing investment opportunities.