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Digital Revolution Transforms Harare’s Property Market

Digital Revolution Transforms Harare's Property Market

Digital Revolution Transforms Harare’s Property Market

When Poshai Bonface listed his property online, he received over 50 inquiries within a week a far cry from the traditional real estate agents he used to rely on. This is just one example of how technology is transforming the way properties are bought and sold in Harare.

According to the Ministry of Information and Communication Technology, the country has witnessed a significant shift in the real estate sector, with online property listings increasing since 2020. This growth is largely driven by the country’s expanding internet penetration, which has enabled more citizens to explore online property marketplaces.”

For Bonface, technology has been a game changer. “We’ve seen a significant increase in inquiries and sales since we started listing our properties online,” he says. “Specifically, we’ve noticed a 30% increase in inquiries and a 25% increase in sales. It’s also allowed us to reach a wider audience, including international buyers.”

Homeowner Tresh Masawi has also seen the advantages of online sales. “I was skeptical at first, but after listing my property on Facebook, I received several inquiries within days,” she says. “It was sold within a month, saving me thousands in agent fees.”

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A survey by the Real Estate Institute found that most of property buyers in Harare use online platforms to search for properties. The real estate market in Harare has seen a 40% increase in property prices over the past five years, indicating a shift towards a seller’s market. Furthermore, the average rental yield in Harare is around 5 to7%, with high end properties generating up to 10% yields.

However, traditional real estate agents face challenges in adapting to this shift. “We’re struggling to compete with online listings,” says Emmanuel Moyo, a local real estate agent. “We need to find ways to add value and provide personalized support to our clients.”

To remain relevant, traditional agents must adapt and find ways to complement online platforms with their local knowledge and expertise. “We need to focus on providing value added services like property valuations, market analysis, and personalized support,” says Moyo.

As Harare’s property market continues to evolve, one thing is certain – technology will play a pivotal role in shaping its future. With online listings and digital platforms becoming the norm, traditional agents must adapt and innovate to remain relevant. The question is, will they embrace the change and find new ways to add value, or will new players emerge to dominate the digital landscape? Only time will tell, but one thing is clear the digital revolution in Harare’s property market is here to stay.”

by Shelly Chamunogwa

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ALSO READ: Property Market a Barometer of Economic Stability

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