Property developers demand US dollars

Published: 01 January 2019
Property developers are demanding payment in US dollars for residential stands or houses in a development that might further exclude ordinary people from owning houses.

The development flies in the face of efforts by Government to reduce a national housing backlog estimated at more than 1,3 million.

A snap survey by our Harare Bureau has shown that most properties were now pegged in US dollars while citizens earn Bond notes and the exchange rate is punitive. A property developer selling cluster homes in Borrowdale confirmed they were selling only in US dollars.

"We have three bedroomed cluster homes in Borrowdale going for $116 000. We are only accepting US$ cash," said an agent for the developer, who refused to be named.

Zimre Property Investment Limited is also selling its Ruwa stands in US dollars.

"We have 800sqm selling for US$24 140. We accept US dollars cash or through our Nostro account we hold with the local bank," said the sales representative.

Floburg Real Estate company is selling stands in Tynwald for US$22 000.

The demand for housing has over the years outstripped supply driven by rural-to-urban and inter-city migration in major cities such as Harare, Bulawayo, Gweru and Mutare.

- chronicle
Tags: Dollars, Property,


Latest News

Latest Published Reports

Latest jobs