Recent Developments
Residential Market
Fall in demand due to lower incomes, increasing supply leading to higher vacancies. Quality of properties becomes important as tenants search value for money.
Commercial Market
Corporate demand remains constrained however purpose built commercial properties are coming into the market. Dollar rents remain a big issue amidst dollar scarcity.
Real Estate
Retail Market
Retail market hit with lower consumer spending due to creeping inflation numbers. Retail outlets experiencing low turnover. Vacancy rate in newly open Novare mall is about 55 %.
Hotel Market
Hotel occupancy as low as 40 % in prime areas. Largely due to fall in demand from expatriates who have exited the country.
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