ZAMBIA’S real estate sector is this year projected to register growth in the residential property segment with 3,500 units expected in North-Western Province alone.
Pam Golding Properties Zambia managing director Inutu Zaloumis said the real estate sector will register significant growth this year with residential property expected to see increased demand.
Other provinces will also see growth on the back of increased investment especially in North-Western and the Copperbelt Provinces.
“North-Western Province alone will see approximately 3,500 new residential units developed as investors such as First Quantum Minerals invest further into their mining operations in the province. This investment will spill into the development of retail, commercial and industrial real estate as the province looks to provide a self-sustained economy for its population,” says Ms Zaloumis.
Ms Zaloumis said in a statement that there is likely to be increased interest in the commercial sector on the Copperbelt and North-Western provinces due to the absence of structural retail property and increased economic activity in the provinces.
“Areas such as the Copperbelt and North-Western provinces still haven’t been heavily invested into when it comes to retail and commercial property and we will definitely see that these are two key growth areas for the local real estate sector in 2012 going into 2013,” she said.
Ms Zaloumis said Lusaka has registered significant growth with a lot of shopping complexes and office blocks constructed.
She however does not expect much growth in Lusaka this year as the market has become saturated.
She said as a leading player in the industry, Pam Golding Properties Zambia has seen positive strides registered where the interests of tenants, landlords and property developers are protected.
“As a member of the Zambia Institute of Estate Agents, we are confident that with continued sensitisation of the public by the institute, estate agents will support and understand the benefits of being part of a regulatory body,” she added.
Ms Zaloumis emphasised the importance of a regulatory body which will allow aggrieved parties to seek an audience with the institute which also acts to settle disputes between tenants and property owners in Zambia.