Data is King: Recapping Day 2 of the Zimbabwe Real Estate Expo

“Data is King” was the dominant theme at the Rainbow Towers Hotel on December 13, 2024, day 2 of the Zimbabwe Real Estate Expo. Industry leaders highlighted the challenges and opportunities shaping the future of the sector. 

At the forefront of this discussion was Mark Conway, founder and managing director of Propertybook, whose data-driven vision is revolutionizing the market.

Propertybook: Leading the Data Revolution

Mark Conway made it clear: the future of Zimbabwean real estate lies in understanding and utilizing market data. “We are utilizing technology to know what users are doing, who they are, and what they are looking for,” he said. This clarity takes the guesswork out of critical decisions such as where to sell, what to rent out, and how developers should plan their projects.

By leveraging Propertybook’s innovative platform, developers, agents, and investors gain actionable insights into market behavior. “A fair market is the best market you can give,” Conway emphasized, underscoring Propertybook’s commitment to creating a transparent and efficient marketplace. This approach ensures that every stakeholder—from first-time buyers to major developers—can make informed decisions that align with evolving demands.

The Untapped Potential of Zimbabwe’s Market

With 62% of Zimbabwe’s population under the age of 25, Ken Sharpe, CEO of Westprop Holdings, sees immense potential in the total addressable market (TAM) for real estate. “99% of them haven’t bought property yet,” he noted, pointing to a massive opportunity to meet the housing backlog of one million units. Propertybook’s data tools play a critical role in identifying and addressing this untapped demand, making the platform an indispensable resource for the industry.

As Conway pointed out, embracing data is no longer optional. “That’s what I learned in Barcelona. Don’t be left behind,” he said, urging the industry to adopt global best practices in technology and data utilization.

The Developer’s Perspective: Insights from Ken Sharpe

Ken Sharpe, echoed the importance of data while addressing the challenges developers face. Sharpe highlighted Zimbabwe’s lack of long-term capital for mortgages, an issue that hampers both developers and buyers. Westprop’s $30 million mortgage book demonstrates its efforts to bridge this gap, but as Sharpe noted, much more needs to be done.

He also emphasized the growing value of real estate, driven by buyer willingness rather than construction costs. “We are paying unreal prices like $800 per square meter for land in Pomona,” he said. Despite these high prices, the market shows no signs of slowing, with property values continuing to rise.

Innovation and sustainability are central to Westprop’s strategy. From purchasing a brick-making factory in Zimbabwe to pursuing a goal of producing one million bricks by 2050, Sharpe underscored the importance of using local materials without compromising quality. He also highlighted the inevitability of a digital, paperless future, urging the industry to embrace technology and innovation from the top down.

Empowering Underserved Markets

Karen Nyenga, Fine and Country estate agency founder, spoke to the needs of underserved markets, emphasizing that the issue isn’t a lack of interest in property but a lack of accessible information. “Why are prospects going to certain areas? What has drawn them there?” she asked. By answering these questions with Propertybook’s data, the industry can bridge the gap and open doors for buyers across Zimbabwe.

Nyenga also highlighted shifting preferences among buyers, who now prioritize modern interior design, functionality, and sustainability over land size. Essentials like boreholes and solar systems are increasingly important in purchase and rental decisions, reflecting the changing needs of the market.

Opportunities for the Next Generation

For Zimbabwe’s youth, entering the real estate market requires creativity and collaboration. Nyenga encouraged young investors to consider crowdfunding and cooperative models to overcome financial barriers. “The price is not going to wait for you,” Nyenga cautioned, urging young people to act strategically and start small.

Emerging areas like Marondera and Norton provide affordable entry points for first-time buyers. By building slowly and leveraging Propertybook’s insights, young investors can step onto the property ladder and grow their portfolios over time.

The Path to a Hundred-Billion Dollar Industry

As the Expo highlighted, Zimbabwe’s real estate industry is already on its way to becoming a multi-billion-dollar sector. However, as Ken Sharpe noted, the true potential lies in aiming higher: “The strategy should really be for a hundred-billion-dollar industry.”

Propertybook’s role in this transformation cannot be overstated. By providing data-driven insights and fostering transparency, the platform is empowering developers, agents, and buyers to navigate the market with confidence.

As Conway concluded, “We are taking the guesswork out of what to do next. By providing the market with data, we enable everyone to make better decisions.” With Propertybook leading the charge, Zimbabwe’s real estate future is brighter than ever.