Analysts are predicting Zambia’s real estate market will record sustained upward growth in the seven per cent range. The country is undergoing an economic turnaround and is building on its 6.6 per cent growth in 2011. In 2012, the country is benefiting from the $700 million Eurobond and funds will be used for infrastructure development.
Foreign investors from China and South Africa are leading the way in bringing new money into the country. The redevelopment of the Society House in Lusaka is one of the major projects which is currently underway. The refurbishment project is scheduled for completion in 2014, and includes a 160-room, four-star Holiday Inn, as well as a conference centre, retail space, and a 1,100 parking garage. Plans for the building include 8,000 square metres of designated retail space and 6,000 square metres for offices, and all of it will be placed squarely in the centre of the city.
The Roma Park development is another development project which is already underway and it will exceed US $100 million in investments at maturity. The 217 acre project, which was launched last year, is a mixed use development which includes commercial and residential properties. The commercial portion of the development includes a shopping centre, a restaurant, conference centre, big box retail and office space. A warehouse and manufacturing facility round out the offerings at the Park.
Lusaka’s retail and office sector is an active one, with a total of 33,000 square metres of retail space and 10,000 square metres of office space added to the area in 2012. These figures include new developments located along Thabo Mbeki Road and Addis Ababa Roundabout. With population projected to increase to 13.57 million by 2015 from the current level of 11.97 million, there will be a number of opportunities for commercial real estate investors in Zambia over the next few years.
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