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Harare property value up

Property values in Harare have increased by between 317 percent and 721 percent in the 15 years from 1975 to 1990 according to the council’s latest valuation roll.

A large proportion of this appreciation appears to be from increased land values. Harare city centre land values increased by between 455 percent and 1 488 percent.

The value of residential properties on the other hand increased by 303 percent to 1 047 percent. In the northern low density suburbs the value of properties increased from an average of $2 per square metre to $11 a square metre.

Even in the high-density suburbs property values have also greatly appreciated by wide margins due to a host of factors such as excess demand over supply of housing stock, shortage of building materials and the resultant cost of inflation.

Industrial properties have increased by 113 percent to 972 percent with the majority around 500 percent.

The Bulawayo city council is still preparing its valuation roll which should indicate wide increases too although property values were almost stagnant for six years during the civil strife in the region.

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