Rents Up By 1500%
Rents in crisis-ridden Zimbabwe have shot up by as much as 1 500 percent since the authorities announced a record new inflation figure last week, it was reported on Sunday.
Landlords are now demanding a host of other payments, including toilet rolls, groceries and compulsory dress codes, the state- controlled Sunday Mail newspaper said.
Inflation has been on a relentless upward climb in
Last week the Central Statistical Office said the figure had reached 3 714 percent.
After reading about the new rate of inflation, a number of landlords hiked their rentals as a way of hedging them against the negative effects of inflation, Abraham Sadomba, a board member of the Estate Agents’ Council, was quoted as saying.
In the central Avenues area, popular with trendy young professionals, rentals have been hiked from around ZIM$300 000 (about R8 500) to five-million dollars a month, the newspaper said. It said the hikes were illegal.
Mugabe’s government is fighting what appears to be a losing battle against rising prices as retailers and property owners peg their prices against sliding parallel market rates for the
The International Monetary Fund (IMF) has painted a gloomy picture of
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