Are you weighing the pros and cons of investing in or renting an apartment in Zimbabwe? You’re not alone. With approximately 400 apartment units currently listed across the country and prices averaging 35% lower than standalone houses, apartments present an intriguing option for both investors and residents.
As Zimbabwe’s largest property marketplace with over 8,500 listings and 100+ agency partnerships, Propertybook has unique insights into the apartment market. Let’s analyze the key aspects of apartment properties to help you make an informed decision.
Current Market Overview
The apartment market in Zimbabwe represents about 5% of total property listings, with roughly 80% concentrated in Harare. Based on our latest data from October 2024, here’s what you need to know:
- Average apartment price: $150,000
- Price per square meter: $750 nationally, rising to $1,000 in prime locations
- Most common configurations: 1-3 bedrooms
- Rental ranges: $500-1,500 monthly for typical 2-3 bedroom units
Property Specifications
Standard Features
- Open-plan living areas
- Individual parking spaces
- Shared amenities (depending on complex)
- Security features (access control, guard services)
Types of Apartments
- Garden Flats
- Ground floor units
- Private garden access
- Typically larger outdoor spaces
- Standard Apartments
- Multi-story access
- Balconies (in newer developments)
- Shared common areas
- Luxury Apartments
- Premium finishes
- Enhanced security
- Additional amenities (gyms, pools)
Target Market Analysis
Different apartment types serve distinct market segments:
First-Time Buyers
- Entry-level units
- Lower purchase prices compared to houses
- Reduced maintenance responsibilities
Young Professionals
- Central locations
- Modern amenities
- Lock-up-and-go convenience
Investors
- Steady rental demand
- Lower initial capital requirement
- Simplified property management
Investment Potential
Initial Costs
- Purchase price (averaging $150,000)
- Security deposit (1-2 months’ rent)
- Agent’s commission
- Legal fees
- Transfer costs
Ongoing Expenses
- Maintenance contributions
- Utility bills
- Insurance
- Security services
- Property management fees
Market Trends
Based on Propertybook’s market analysis:
- Growing demand in urban centers
- Increasing preference for secure complexes
- Rising interest in mixed-use developments
- Steady appreciation in prime locations
Maintenance Requirements
Apartments typically require less maintenance than standalone houses, but consider:
Owner Responsibilities
- Interior maintenance
- Appliance upkeep
- Unit-specific repairs
Body Corporate Responsibilities
- External building maintenance
- Common area upkeep
- Security system maintenance
- Insurance of the building structure
Location Considerations
Top apartment locations include:
Harare
- Borrowdale
- Mount Pleasant
- Highlands
These areas consistently show strong rental demand and value appreciation.
Investment Tips
- Research the body corporate’s financial health
- Verify monthly contribution requirements
- Review complex rules and regulations
- Consider future developments in the area
- Assess parking and security provisions
Looking to explore apartment options? Contact our experienced agents for personalized guidance in finding the right property for your needs.
Data sources: Propertybook market analysis, October 2024. Prices and availability subject to change. Contact a registered agent for current rates.
Photo: Aspire Heights by Oxprop
