In Zimbabwe's property game, the rules keep changing. Inflation zigzags, currencies flip-flop, and yet, bricks and mortar still stand. Whether you're eyeing your first home or adding to your property portfolio, Old Mutual's market moves offer valuable clues for navigating Zimbabwe's unique real estate landscape.
Old Mutual is an established and major player in Zimbabwe's property market, with strategic investments that signal confidence despite economic challenges. This article unpacks Old Mutual's market analysis and what it means for ordinary Zimbabweans looking to buy, sell, or invest in property.
At Propertybook, Zimbabwe's leading property website with over 7,700 listings nationwide, we've analyzed the latest data to give you a clear picture of what's happening on the ground.
Old Mutual's Investment Strategy: Following the Money
Old Mutual isn't just talking about economic recovery – they're putting their money where their mouth is. In 2024, they mobilized a whopping US$160 million in credit lines for key sectors of our economy. This kind of investment doesn't happen by accident.
"The wide range of services that the Old Mutual Group provides in Zimbabwe positions the Old Mutual Investment Group to provide a superior offering to both local and international investors," says Samuel Matsekete, Old Mutual's CEO.
This investment strategy tells us something important: institutional investors see value in Zimbabwe's property market despite the challenges we face. For the average Zimbabwean homebuyer or investor, this signals potential opportunities if you know where to look.
What the Numbers Tell Us: Zimbabwe's Property Market in 2024
Looking at the hard data from Propertybook's extensive database, here's what we're seeing across Zimbabwe:
National Property Overview
- Total properties on market: 7,800
- Total property value: US$84 billion
- Average property price: US$290,000
- Median property price: US$120,000
The gap between average and median prices reveals something important – while luxury properties push the average up, most Zimbabweans are looking at more modest homes around the US$120,000 mark.
City-by-City Breakdown
Property values vary widely across Zimbabwe's major cities:
Harare Market Snapshot:
- Total properties: 4,800
- Total property value: US$55 billion
- Average property price: US$310,000
Bulawayo Market Snapshot:
- Total properties: 1,100
- Total property value: US$10 billion
- Average property price: US$280,000
This data shows Harare commanding a premium over Bulawayo, but the gap isn't as wide as many might expect. For investors looking beyond the capital, Bulawayo offers value that shouldn't be overlooked.
Old Mutual's Property Footprint: Strategic Locations
Old Mutual's property investments span across Zimbabwe's major urban centers, with particular focus on commercial properties that tend to hold value even when economic winds change direction.
Currently, Old Mutual has stands for sale in prime locations including:
- Harare (with particular interest in Westgate)
- Bulawayo
- Other emerging growth areas
What makes these investments noteworthy is their strategic positioning. Old Mutual isn't just buying anywhere – they're focusing on areas with infrastructure development potential, access to amenities, and growth prospects.
Property Types: Where the Value Lies
Our analysis shows clear patterns in property distribution and values:
Houses:
- Count: 3,400
- Total value: US$790,000,000
- Average price: US$230,000
Commercial Properties:
- Count: 310
- Total value: US$240,000,000
- Average price: US$770,000
The stark difference in average prices highlights why institutional investors like Old Mutual lean toward commercial properties – they represent significant value concentration, which means easier management of larger investment portfolios.
Bedroom Trends: What Buyers Want
Looking deeper into residential properties:
3-Bedroom Properties:
- Count: 1,600
- Average price: US$160,000
4-Bedroom Properties:
- Count: 1,500
- Average price: US$230,000
The price jump from 3 to 4-bedroom homes is significant, showing that each additional bedroom adds substantial value. For homeowners looking to maximize returns on renovations, creating additional bedrooms could be a smart move.
Old Mutual's Focus Beyond Traditional Real Estate
What sets Old Mutual's investment approach apart is their focus beyond just bricks and mortar. Their 2024 strategy includes:
- Renewable energy projects totaling 42 megawatts
- A US$100 million renewable energy fund (partnering with government and UN)
- Infrastructure value chains
- Agriculture
- Mining
- Tourism
- Manufacturing
This diversified approach offers important lessons for individual property investors. In Zimbabwe's economy, resilient investments often touch multiple sectors.
What This Means for You: Practical Takeaways
If you're considering property investment in Zimbabwe this year, Old Mutual's strategy offers valuable insights:
- Location remains king: Focus on areas with infrastructure development and amenities.
- Commercial properties offer value concentration: Even small commercial properties can provide better returns than residential in some cases.
- Think beyond traditional real estate: Properties with income-generating potential (like homes with space for small businesses) offer protection against economic uncertainty.
- Energy independence adds value: Properties with solar installations or other energy solutions command premium prices in Zimbabwe's uncertain power supply context.
Market Forecast: What's Next for Zimbabwe's Property Market?
Based on Old Mutual's investment patterns and Propertybook's extensive market data, we anticipate:
- Continued pressure on residential prices in high-density areas as affordability remains a challenge for many Zimbabweans
- Growth in medium-density development as developers respond to market demand for affordable yet comfortable housing
- Premium on energy-independent properties as power supply challenges persist
- Increasing interest in commercial properties from individual investors following institutional patterns
Making Smart Property Moves in 2025
For buyers and investors, the message is clear: do your homework. Zimbabwe's property market offers opportunities, but not everywhere and not in every segment.
Consider properties that align with institutional investment patterns – areas with infrastructure development, properties with multiple use potential, and locations that maintain value even during economic downturns.
As Zimbabwe's largest real estate platform connecting over 2,000 agents nationwide, PropertyBook can help you identify these opportunities. Our weekly statistical reports and neighborhood analyses provide the insights you need to invest with confidence.
Explore properties for sale in Harare CBD or check out growing opportunities in Harare South to start your property journey today.
Remember, in uncertain times, information is your most valuable asset. Stay informed with Propertybook's market insights and make your property moves with confidence.
Data last updated: April 2025. Property values and availability subject to change. Contact a registered agent through Propertybook for current rates and offerings; Photo credit: Burak The Weekender on Pexels
About Propertybook: Established in 2006 with our digital platform launched in 2015, Propertybook maintains Zimbabwe's largest real estate database with 8,000+ properties across 80 cities and regions. Our network includes 100+ real estate agencies and 2,000+ verified agents, making us the country's most trusted property marketplace.
