Real Estate sector begins recovery after elections

THE real estate sector is beginning to recover from the slowdown experienced during the election period, according to Nadeen Properties Limited Director Desire Chimfwembe.

Chimfwembe told the Zambian Business Times (ZBT) that the sector was significantly affected by uncertainty during the election period, but activity was now beginning to pick up.

He, however, said the sector continues to face challenges from informal estate agents, who he said are taking business away from registered practitioners.

Chimfwembe commended the Real Estate Institute of Zambia (REIZ) for its efforts to curb illegal operations in the sector, saying the institute’s enforcement activities could help promote professionalism and compliance among industry players.

Post election, most developers are expected to break ground in terms of investments which is expected to increase business for real estate agents.

At the same as the government begins to adjust and introduce policy attached to the Grow Zambia Agenda– the real estate sector is bound to greatly benefit.