By KENNEDY MUPESENI –
LACK of proper statistical information on housing is hindering investment in residential housing development in the country, Palm Golding, a property developer has observed.
Palm Golding managing director Inutu Zaloumis said investors in the property market were sceptical on investing in residential property due to lack of data on housing.
“We need as a country to develop property indexing so that investors wishing to venture into residential property business make informed decisions,” Ms Zaloumis said.
In a presentation at a two-day Zambia International Property Expo entitled “The Zambian Residential Market”, Ms Zaloumis said making investment decision was challenging hence the need for reliable data.
The expo whose theme is “Get on the Property Ladder “, has been hosted by First National Bank (FNB) with the support from the International Labour Organisation (ILO) – led Green Job Programme.
The expo brought together the real estate industry that included developers, banks, government agencies, construction and consumers to showcase innovation in the property market.
Ms Zaloumis, however, said the Zambian property development market had seen dynamic shifts in the past 10 years.
She said property owners with spaces in prime areas should maximise their plots and develop apartments looking at the demand of housing especially in Lusaka.
“Those with big spaces especially in areas like Olympia, Kalundu and Roma residential areas in Lusaka should use such to build apartments and earn more from rentals which are fetching as high as US$2,500 per month,” she added.
These were areas of growth due to proximity to shopping, business, water, and electricity facilities which had pushed the demand of residential housing up.
Investors had been urged to consider investing in Zambia’s real estate because local authorities had no strict rules on housing.
Ms Zaloumis, however, said the normal procedure by would-be investors was to consult local authorities, architects, and officials from Ministry of Lands as well as the Road Development Agency (RDA) before undertaking their business.
“By so doing, the investor would avoid future inconveniences as some areas might be planned for road or other public infrastructure,” she said.