Unveiling Opportunities: Zambia’s Property Landscape in 2020
ZAMREAL, Zambia’s premier property forum, recently convened real estate thought leaders, providing a platform for insights into the country’s dynamic property market. Building on the previous newsletter’s revelations, we delve into additional hot property sectors that emerged as key players in Zambia’s real estate landscape in 2020.
Agricultural Advancements: A Bounty of Opportunities
In various provinces such as Copperbelt, Muchinga, Eastern, Western, and North Western, the agriculture sector stands as a beacon of opportunity. The development of warehousing and storage facilities has become a vital component to support agricultural projects.
From palm oil production to cashew plantations and fruit processing, the potential is vast. The ripple effect extends to support infrastructure, including housing, social amenities, and community retail centers, aligning with the growing employment opportunities spurred by these large-scale agro projects.
Tourism Thrives: A Growing Sector
Zambia’s tourism sector emerges as one of the fastest-growing, presenting a myriad of opportunities. The development of 4-5 star hotels, resorts, lodges, and essential tourism support services, including training, entertainment, and IT services, marks a significant sector for growth and investment.
Hospitality Hub: Hotels on the Rise
With tourism on the ascent, the hotel and hospitality sector naturally follows suit. Last year witnessed the addition of 200 new hotel rooms in Lusaka, reflecting the burgeoning growth in this industry.
As Zambia secures the 11th spot in sub-Saharan Africa for conferencing, the demand for hotel accommodations will escalate further. Projections indicate a notable growth of 8-10% in hotel rooms in the coming years, highlighting a lucrative avenue for property investment.
Commercial Real Estate: Powering Economic Growth
The commercial real estate sector continues to play a pivotal role in Zambia’s economic landscape. The development of business parks and modern office spaces is gaining prominence, catering to the evolving needs of businesses seeking strategic locations for their operations. As industries diversify and expand, the demand for commercial real estate is expected to remain robust.
Residential Renaissance: Meeting Housing Demands
Amidst the varied opportunities, the residential sector stands resilient. Initiatives focused on affordable housing are gaining traction, addressing the growing demand for quality living spaces. The emphasis extends beyond mere housing, encompassing holistic community development with amenities that enhance residents’ quality of life.
Navigating Zambia’s Property Boom
As these sectors flourish, strategic investments and collaborations become imperative for navigating Zambia’s property boom successfully. Investors and developers are poised to capitalize on the diverse opportunities, ensuring a harmonious blend of economic growth and sustainable development in Zambia’s dynamic real estate arena.