Estate Agents Council in Zimbabwe speaks

THE Estate Agents Council in Zimbabwe (EACZ) today said it will be continuing with their clamp down on lapsed and current Estate Agents in an attempt to regularise the industry.

No agency has been closed as yet, but since January 2010 the Council has already closed down 20 agencies for non compliance.

The council said it was concerned that unregulated Estate Agent may be putting the unsuspecting public at risk of losing out on hundreds of thousands of dollars in purchases not completed.

"We are doing this to safe gaurd potential buyers and sellers on the market. It is an exercise which we will continue to excercise until we have won that battle," said EACZ.

The council says it is empowered to regularise the property players in terms of the Estate Agents Act Chapter 27:17 which demands that all operators in the sector be registered with the council in order that clients have recoursee to justice in the event of a dispute with agencies.

Meanwhile, the lure of the US dollar has seen a marked increased in the quality and quantitiy of properties on the market during the first quarter of this year.

The International Monetary Fund (IMF) projected that the future of Zimbabwe's property market will exhibit yields borne out of bullish projections of the Gross Domestic Product that is expected to reach US$9,5 billion by 2015.

The property market in Zimbabwe, which had become a refuge for investors during the hyper-inflation era, had started off on a low but assuring note after the adoption of the multi-currency system in January.

Considering the current and projected slow growth of Zimbabwean incomes and the absence of a clear and tenable exit market, the majority of international players sitting on hot capital are not putting Zimbabwe on their radar of property investment.

Consequently, between 2009 and 2015, the property sector is expected to trade at least US$1,7 billion should the current political status quo and current lack of data and information about the sector continue.

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