As with everything in Zimbabwe noone can say exactly whats happening. The property market is the same. It has been a sellers’s market for a while and it still is. Sellers continue to hold on to their dear properties hoping for better prices. Sellers in diaspora are also playing a cruacial role. I have spoken to some people who just want to sell. The problem is most of these sellers want the money in hard currency which I can understand while buyer are opting for paying in currency. I have noticed that even buyers in diaspora prefer to pay in local currency. Its a bit more reassuring to them.

Share This

As i was trawling through the net to find out what happening in the property world I came across this article and it caught my attention. This article is by a reporter who was going on about the worthless millions of Ziumbabwe

What i found rather annoying is that this from an Eastern African magazine. How can they laugh at us honestly, I think they should really be the last to laugh at us but hey they are probably welcoming us to their league.

Share This

Earlier on I made a prediction of the likely impact of the new currency.

This report comes as no suprise about sellers holding on to their dear properties. They just dont know if they will be able to sell. The propert market has been fairly quiet with a wait and see game. Will have to wait and see what happens after the 21st. Expect a good increase in prices though. With inflation nearly 1000%pa which equates to 19% a week, with, I expect prices to go up by at least 60%, it could ecen be more than that. With a lot of speculation on what will happen, sellers are likely to hold on to their properties until things come to some sort of normality.

Share This

Apparently CBZ is in talks to buy Beverley Building,. I think this is a great move by CBZ, even though the current mortgage market is dead, its a good future investment. Banks and building societies have always remained separate entities but they have one core principal which is lending so it makes it wise for a bank to lend mortgage finance too. This is quite popular in most countries where virtually all banks offer mortgage lending too. Mortgage lending can be quite lucrative business and CBZ is eyeing that. I think it will be a best buy now when the mortgage market isnt doing so well, because they will buy beverly at a bargain. CBZ is heading to being the biggest bank in Zimbabwe. I hope they dont lose focus by just acquiring all these companies and end up not managing it well.

Share This

The hotel where Angelina Jolie and Brad Pitt stayed while waiting for the birth of baby Shiloh Nouvel is now up for sale. The hotel recently became world famous for housing the couple. The Namibian resort, Burning Shore will be sold at auction on August 30, a Namibian website reports. The couple paid $2 million (in Namibian dollars, about $300,000 US) to have the place to themselves for 80 days. The resort which is right on the ocean includes a restaurant that seats 60. According to an article on a Namibian website, the auction will take place in the ballroom of the Mount Nelson Hotel at the foot of Table Mountain in Cape Town.

Share This

South Africa Home Channel will feature homes of some of the best loved personalities in South Africa. They are borrowing this concept from MTV Cribs - a MTV programme which shows some of the best homes of international celebrities. I have seen some extravagant homes there. One I remember was Missy Elliot’s mansion, it looked more like a hotel with its own cinema and all the latest home toys.

This just got me thinking about our local darlings. Who really are our celebrites, maybe Oliver Mutukudzi, Alex Macheso, Reuben Barwe, Philip Chiyangwa, Wayne and Baron Black. It would be interesting to see their homes. I am a nosey person and i love fabolous homes. We have already seen Chiyangwa’s house anyway.

Share This

If you are thinking of buying a house just forget about getting a mortgage, its just not worth it. Many people ask me how to get a mortgage but to put it bluntly there is just no way. After all most sellers are not prepared to lend to people who have to obtain mortgages for the simple fact it will take at least 2 months before they receive their cash and by then the property will be worth more that double. It is just a cash market.

Share This

I have heard so many stories about haunted house. A Tynwald home is believed to be haunted with strange noises and things happening. Apparently there was even a fire at the house and nobody knows how it started. A brave Herald journo went to the house to try and exprience it but got too scared to stay there the whole night. I would still give the jorno an award of bravery because i wouldnt even want to be near the house.

There are now 4 pastors living at house during the night to try and extort the evil spirit. Neighbours have confirmed hearing strange noises from the house too.

Share This

With the hot property market in Zimbabwe, gazumping is everywhere especilly in Harare where more and more of it. Gazump is a situation in which the price for property or land is raised to a higher price than what was previously verbally agreed upon. This is likely to happen where demand exceeds supply, underbidders can be tempted.

Share This

Its official, Gono the Reserve Bank of Zimbabwe Govenor has devalued the Zimbabwean Dollar and knocked three zeros of the currency.

With the hyperinflation in Zimbabwe, it only makes sense to do so. At least people do not have to walk around with huge bags of money which is worthless. $100 000 bearer’s cheque was only introduced last months. I wonder if the Govenor knew then that he was going to drop the zeros, there was no point in having such an expensive exercise to print new currency only for a month

Share This