ZIMBABWE’s property market was depressed during the first quarter of the year due to statutory Instrument (SI) 142 of 2019, which resulted in erosion of rental revenues owing to exchange rate induced inflation, a latest report has revealed.
In a report for the three months ending March 31, 2020, Intergrated Properties (IP) said the sector’s fundamentals during the period under review remained weak despite government’s anticipation of an economic rebound this year.
“Tenants continue to scale down operations reducing space occupied in a bid to manage business costs increasing void rates especially for Harare’s CBD offices. Collection of rates remains depressed owing to viability challenges being faced by many businesses,” s
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