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Trends focus for Zambia’s property market in 2019

Trends focus for Zambia’s property market in 2019

In 2018, Zambia not only saw, but also experienced some significant changes in the real estate space. But what does 2019 hold in store? Here is our trends forecast for Zambia’s property market in 2019
The sharing economy

In the first place, in 2018 we witnessed people coming together and pulling resources jointly. This was done in a bid to help people get on the property ladder. The trend of a shared economy is set to continue in 2019 and beyond. We also anticipate a steady increase tourists and foreign investment property buyers.
The caring economy

The caring economy is a reference to an economic situation characterised by people chipping in to help one another. This situation could be as a result of a weaker economy with a high cost of living. For example, parents can assist their children make their first purchase. Hence parents will either contribute towards a deposit or take out a home loan on behalf of their children.
Eco-friendly housing

In the past few years we have witnessed a paradigm shift towards ecologically friendly housing. Moreover, buyers are looking to minimise their expenditure, reduce their costs and lower their carbon footprint. Therefore, we’ve noticed homeowners investing more in properties with boreholes, solar systems and rainwater tanks. Again, we expect this trend to continue in 2019.
Downscaling

2018 saw a weaken Kwacha and subsequent increase in all-round living costs. For this reason, people have been looking to downscale. We witnessed a host of people looking for smaller properties or housing in close proximity to work and schools. All in a bid to further cut costs. We expect to continue seeing this trend in 2019, until the economy becomes stronger.
Secure living

Gated communities grew in demand in 2018, consequently due to an increase in the demand of safe and secure housing. As a result, these types of developments are booming in Zambia. Because of the demand the prices for these kinds of property have been on the rise. Furthermore, we expect this trend to continue in 2019.
Migration across Zambia

Although not a new phenomenon, movement across the country in search of better opportunities has been on the rise. We surmise that this inclination will continue in 2019, especially towards mining regions of Zambia. Economic activity in these regions has been on the rise, as such demand is high for mining professionals and support industries.
Technology

Technology plays a huge role in property searches in Zambia. In the first place, a great number of buyers start their property search online. Moreover, technology that enables buyers and sellers to save time and money will increase. And we are anticipating that number to continue growing throughout 2019.

Another trend that has been on a steady incline is working from home. Consequently, working remotely eliminates the need to live close to the city centre. Buyers often find more value for money the further away from a CBD they go.

SOURCE: https://real-estate-zambia.beforward.jp/2019/02/24/trends-forecast-for-zambias-property-market-in-2019/

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Leon De Jong

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