Business
Are Lusaka Houses Overpriced?
The City of Lusaka is experiencing rapid
Picture: Zambian Business Times
The City of Lusaka is experiencing rapid growth in its property market, with new residential estates, commercial developments, retail spaces and industrial projects continuing to reshape the capital.
From modern gated communities to luxury homes and high-rise commercial developments, buyers now have a wider range of property options than ever before. But behind the impressive designs and growing construction activity lies a question increasingly being asked by potential buyers and investors:
Are some houses in Lusaka overpriced?
As demand for property continues to grow, concerns have emerged from buyers and industry observers that some properties may be selling at prices that do not necessarily reflect their location, infrastructure or actual market value.
Information gathered by the Zambian Business Times (ZBT) indicates that some of the most expensive properties are located not only in Lusaka’s traditionally high-value suburbs but also in areas that are still developing and, in some cases, have limited supporting infrastructure.
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Depending on the location, size, design and facilities available, houses in Lusaka can sell for as much as K14 million, approximately US$750,000, or even more.
But the big question remains: Are buyers paying for genuine value, or are some being asked to pay a premium simply because of the growing demand for property in Lusaka?
Commenting on the matter, Pam Golding Properties Zambia Lead Valuation Surveyor Chewe Mwape urged prospective buyers to conduct thorough due diligence before committing to a property transaction.
Mwape said buyers should seek guidance from qualified valuation surveyors to ensure that the price being offered reasonably reflects the value of the property.
“In such an environment, it is important for buyers, before they purchase, to consult expert valuation surveyors. Imagine paying a lot of money for a property that has a narrow road, compared to a house that has tarmac and is in a fully developed area,” he emphasized.
His comments highlight an important issue in Lusaka’s rapidly expanding property market: location alone may not always tell the full story about the value of a property.
Factors such as road access, availability of water and electricity, drainage systems, security, proximity to schools and business centres, neighbourhood development and access to other essential services can significantly influence the true value of a house.
Yet, in a competitive market where buyers are eager to secure property, some may make purchasing decisions without obtaining an independent professional valuation.
Article by Samuel Mutale
Source: Zambian Business Times — Read more
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