Definition:
Residential real estate transactions refer to the buying, selling, or transfer of ownership of residential properties such as single-family homes, condominiums, townhouses, and apartments. These transactions involve a number of steps and parties, including buyers, sellers, real estate agents, attorneys, lenders, and title companies.Additional information:
The KPIs covered in this market are the real estate transactions revenue and the average revenue transaction value.Most recent update: Jul 2024
Source: Statista Market Insights
The Residential Real Estate Transactions market in Zimbabwe is experiencing significant growth and development.
Customer preferences: Customers in Zimbabwe are increasingly looking to invest in residential real estate as a means of securing their wealth and generating income. The demand for residential properties is driven by a growing middle class and urbanization. People are looking for affordable and well-located properties that offer convenience and access to amenities such as schools, hospitals, and shopping centers. Additionally, there is a preference for properties that offer security features such as gated communities and 24-hour surveillance.
Trends in the market: One of the key trends in the Zimbabwean residential real estate market is the rise of mixed-use developments. Developers are combining residential units with commercial spaces, creating vibrant and integrated communities. This trend is driven by the need for convenience and the desire for a live-work-play lifestyle. Mixed-use developments offer residents the opportunity to live close to their workplaces and have easy access to amenities and recreational facilities. Another trend in the market is the increasing demand for affordable housing. Zimbabwe has a shortage of affordable housing, particularly in urban areas. This has led to the emergence of affordable housing projects that cater to the needs of low and middle-income earners. These projects offer smaller, more affordable units that are within reach of a larger segment of the population.
Local special circumstances: The residential real estate market in Zimbabwe is also influenced by local special circumstances. One of the key factors is the land reform program that was implemented in the early 2000s. This program resulted in the redistribution of land from large commercial farms to small-scale farmers. As a result, there has been a shift in the demand for residential properties, with more people looking to purchase land for agricultural purposes rather than for residential development.
Underlying macroeconomic factors: The development of the residential real estate market in Zimbabwe is also influenced by underlying macroeconomic factors. The country has experienced periods of economic instability and hyperinflation, which have had a significant impact on the real estate sector. However, recent efforts to stabilize the economy and attract foreign investment have had a positive effect on the market. The government has implemented policies to promote investment in the real estate sector, including the relaxation of foreign ownership restrictions and the introduction of tax incentives for developers. In conclusion, the Residential Real Estate Transactions market in Zimbabwe is developing due to customer preferences for affordable and well-located properties, the rise of mixed-use developments, and the demand for affordable housing. Local special circumstances, such as the land reform program, also influence the market. Underlying macroeconomic factors, including efforts to stabilize the economy and attract foreign investment, have further contributed to the growth and development of the market.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Jul 2024
Source: Statista Market Insights
Most recent update: Jul 2024
Source: Statista Market Insights
Data coverage:
Figures are based on total and average revenue of residential real estate transactions (sales).Modeling approach:
Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights