AFRICA
BY GAYE DE VILLIERS
New Economic Gains
In Zambia
Z
ambia’s real estate sector is on course for
drawn expansion plan across all cities and towns but
growth, says Inutu Zaloumis, Managing
recent moves by the Zambian government to address
Director of Pam Golding Properties
this are posed to stimulate further growth of the real
Zambia. “Zambia is widely tipped to record sustained
estate sector.”
economic growth of approximately seven percent
over the next few years, but the manner in which
Zaloumis says increased investments from major
the country’s real estate sector is transforming the
economies such as China, South Africa and the
face of the nation is as good as
United States as well as sustained
any barometer for the economic
investment in the mining and
ZAMBIA
turnaround currently underway.
agriculture sectors are ensuring
A lt ho u g h e c onom ic g r o w t h
that the demand for residential,
softened somewhat from 2010 at
commercial as well as industrial
7.6 percent, it remained efficient at
prop er t y i s on t he up s w i n g.
6.6 percent year in year out in 2011
The capital city has seen steady
as growth was underpinned largely
investment in both the retail and
by agriculture, manufacturing,
commercial sector in the last five
construction and transport. This
years and while this may be on the
year, Zambia is set to benefit from
decline in Lusaka, other towns and
• Population: 13.5 million
the $700 million Eurobond, which
cities are opening up for similar
• Language: English
will be used for infrastructure
investments.
• Currency: Zambian Kwacha
development across the country.
• Main Export: Copper Cathodes
“One of the major projects currently
• Capital City: Lusaka
“Steady year-on-year economic
under way includes the US$100
•Inflation: 6.4%
growth and investment in the real
million redevelopment of Society
estate sector have resulted in the
House in the capital city’s centre.
creation of jobs, increased access to housing, retail,
Sitting imposingly in the hub of Lusaka, Society
commercial and industrial property as well as an
House is set for a major refurbishment that, once
increase in foreign direct investment for a forwardcomplete in 2014, will set the tone for regeneration
moving economy and real estate sector. There are still
of the capital city’s skyline. The redesign of Society
challenges in the implementation of a deliberate, wellHouse, which will see it comprise a 160-room fourwww.reimag.co.za
Offshore Handbook 2013
51