By Simbarashe Makombe – A listed property concern Zimre Property Investments (ZPI), has commissioned a $13 million shopping mall in Victoria Falls, following a stampede of investors to the resort town. The stampede is viewed by analysts as a direct response to the efforts of the new Zimbabwe President Emmerson Mnangagwa’s drive to lure investors to Zimbabwe.
The city property sector recently received a boost following the $150 million upgrade of Victoria Falls International Airport in November 2016, major airlines expanded frequencies, while new carriers started flying to the prime destination.
In another positive development in Zimbabwe’s busiest tourism town
Zimbabwe’s largest financial institution by deposits, CBZ Holdings, entered the resort town last year to develop hundreds of residential stands.
Zimre said it had been attracted by the projected rapid expansion, and would be deploying significant resources to add a shopping mall to its growing list of top end real estate gems countrywide.
“Victoria Falls has seen a rise in both local and international investors as a direct response to the call by President Mnangagwa and also the completion of the Victoria Falls Airport expansion and the increased tourist traffic thereafter,” said Zimre’s managing director, Edson Muvingi said.
Due to these developments there has been a sharp rise in arrivals in the past year and demand for property both residential and commercial has also increased.