Harare's Housing Boom! Is Now the Time to Sell?

Harare's Housing Boom: Is Now the Time to Sell?

Harare's property market is experiencing an exhilarating surge, with residential, industrial, and commercial values steadily climbing. This trend presents both exciting opportunities and important considerations for homeowners and investors. Buckle up, because we're about to dive into the heart of this boom, zooming in on the residential sector where the action is hottest.

Residential Boom:

Houses, particularly the standard 3-4 bedroom variety on 2000 square meters and above, are leading the charge. Internal research at Kennan Properties reveals a staggering average of 20-30% price jump between 2021 and 2023. That's right, your property could be worth significantly more than you think!

It doesn't stop there. Some areas are exceeding even these impressive averages. Take Mandara for example, where 4-bedroom houses on an acre that fetched USD$190k in 2021 are now selling for around USD$250k in 2023 – a sizzling 32% increase!

Prime Locations, Prime Opportunities:

Of course, certain suburbs remain synonymous with prime real estate, and their price hikes reflect that: Chisipite, Borrowdale,  Borrowdale Brooke, Mount Pleasant, Rolf Valley, Ballentyne Parke, and Highlands. These central hubs blend residential charm with a vibrant commercial pulse, attracting young professionals and families.

Beyond the Usual Suspects:

The boom isn't confined to these established favorites. Other neighborhoods are experiencing exciting growth like Avondale, Westgate, Marbelreign, Kensington, and Emerald Hill to name a few. Businesses seeking a dynamic and accessible setting are setting their sights on these suburbs, driving up property values. Busy Main Roads: High visibility and convenient access are gold for businesses, leading to price increases along thoroughfares like Samora Machel Road, E. Mnangagwa Road, Harare Drive, King George Road, Churchill Road, and Arcturus Road.

Specialized Areas:

Some areas are favored by certain professionals, creating unique investment opportunities. Milton Park and Belgravia in particular, are sorted out by individuals in the Medical sector whose interests are due to these suburbs being close to major hospitals like Parirenyatwa Hospital, Avenues Clinic, and numerous pharmacies located in the surrounding areas.

Beyond Houses:

The boom extends beyond traditional houses, with other property types experiencing significant value increases. Garden Flats and Gated Townhouses are compact and secure options that are ideal for young professionals, retired folk, and couples, driving up demand and prices.

Reasons for the Boom:

Several factors are fueling this upward spiral:

• Post-Pandemic Rebound: The lifting of COVID-19 restrictions unleashed pent-up demand, creating a seller's market.

• Limited Supply: Land scarcity makes existing properties even more valuable.

• Currency Stability: The use of USD for property transactions provides some inflation protection, attracting investors.

• Developer Interest: The shortage of available properties has spurred developers to invest in stands and land, particularly for garden flats and townhouses. Their willingness to pay premiums further drives prices up.

• Essential Amenities: The availability of boreholes and solar power, crucial in addressing Harare's water shortages and load-shedding, adds significant value to properties.

Considering Selling?

If you own a property in a booming area, this trend presents a potentially lucrative opportunity to sell. Kennan Properties can help you navigate the process and maximize your gain. We offer:

• Free property valuations: Get an accurate assessment of your property's current market value.

• Expert marketing and negotiation: Leverage our network and expertise to secure the best deal for you.

• Seamless transaction management: We handle all the paperwork and legalities, ensuring a smooth and stress-free experience.

So, is now the time to sell? Only you can decide. But with Harare's residential boom in full swing, it's certainly worth considering. Contact Kennan Properties today for a free consultation and unlock the potential of your property!

Muni Mutizwa

Property Negotiator