Aspects of Real Estate Theory and Practice in Zimbabwe

Yaya Fonye Odette

Description

The subject of real estate is increasingly becoming important, especially in the countries of the developing world. States and governments realise that real estate is a corner stone of socio-economic development. Real estate development contributes immensely to the gross physical capital formation. Its formation, construction and ancillary sectors contribute to the employment, infrastructure development and gross domestic product. The main challenges about real estate is about where to develop it, how to develop it, how to manage and compute valuations about it. Such are the issues discussed in this volume. The book draws on Zimbabwe as a case study, to demonstrate the critical aspects that define theory and real estate practice in various contexts - national, regional and international.

Informations

• Publié par: Langaa RPCIG
• Date de parution: 23 août 2019
• Nombre de lectures: 0
• EAN13: 9789956551606
• Langue: English
• Poids de l'ouvrage: 13 Mo

Extrait

Aspects of Real Estate Theory and Practice in Zimbabwe An Exploratory Text

E DITEDBY INNOCENT CHIRISA and MIKE JURU

Aspects of Real Estate Theory and Practice in Zimbabwe: An Exploratory Text Edited by Innocent Chirisa and Mike Juru

L a ng a a R esea rch & P u blishing CIG Mankon, Bamenda

Publisher: LangaaRPCIG Langaa Research & Publishing Common Initiative Group P.O. Box 902 Mankon Bamenda North West Region Cameroon [e-mail] www.langaa-rpcig.net Distributed in and outside N. America by African Books Collective [e-mail] www.africanbookscollective.com ISBN-10: 9956-551-12-0 ISBN-13: 978-9956-551-12-5 ©Innocent Chirisa and Mike Juru 2019 All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, mechanical or electronic, including photocopying and recording, or be stored in any information storage or retrieval system, without written permission from the publisher

List Contributors

Emma Maphosais urban and regional planner who graduated with a BSc Honours Degree in Rural and Urban Planning with the University of Zimbabwe in 2018. In 2017, Emma was employed with Gutu Rural District Council in Masvingo Zimbabwe her research interests are in real estate property management, urban management and transport planning. Geraldine Usingarawea student at University of Zimbabwe is currently studying BSc Honours in Real Estate Management. Her research interests are focused at on-going changes in property valuations, various disposal methods of Real Estate and how they can be improved and maintained to withstand harsh global environment of competition in the industry and ultimately continuous professional development. Chipo Mutonhodza is a lecturer in the Department of Urban Planning and ~`Development at Great Zimbabwe University. She holds a MSc Development Studies (Women’s University in Africa) and a BSc Rural and Urban Planning from University of Zimbabwe. Currently she is studying towards an MSc Rural and Urban Planning at University of Zimbabwe. Her research interests are in spatial planning and disaster risk reduction, cultural heritage and urban planning as well as transport planning. She has six years’ experience working as a Town Planner in the Ministry of Local Government, Department of Physical Planning. Innocent Chirisais a full professor at the Department of Rural and Urban Planning, University of Zimbabwe. Currently is the deputy dean of the Faculty of Social Studies at the University of Zimbabwe and is a Research Fellow at the Department of Urban and Regional Planning, University of the Free State, South Africa. He holds a DPhil in Social Studies, MSc (Planning), BSc Honours in Rural and Urban Planning all from the University of Zimbabwe and a post- graduate Diploma in Land Management and Informal Land Resettlement from the Institute of Housing and Urban Development

Studies, Erasmus University, and the Netherlands. His research interests are systems dynamics in urban land, regional stewardship and resilience in human habitats. Knowledge Murenjea part-time lecturer at the Department of is Rural and Urban Planning, University of Zimbabwe. He is employed at the District Development Fund (DDF) as a Chief Planning Officer and has been with the organization for 23 years. He holds a professional master’s degree in geo-information science for urban planning from International Institute for Aerospace Survey and Earth Sciences (ITC), the Netherlands, BSc Honours in Rural and Urban Planning from University of Zimbabwe. Currently he is pursuing a post graduate PHD in urban planning, focussing on suburban dynamics, sustainability, urban development and GIS applications. His other area of interest includes land market, land administration and management systems. Margaret Marewoa student studying towards honours in BSc is Rural and Urban Planning at the University of Zimbabwe. Her research interests are in transport planning and management, urbanisation and property rights and land tenure. Mike Eric Juru is the founder and Chief Executive Officer for Integrated Properties an ISO certified Real Estate and Sustainability Consultancy Firm. He has over 20 years’ experience in the Real Estate Sector in both corporate and private practice. He is the current President of the Real Estate Institute of Zimbabwe and a Council member at the Marondera University of Agriculture Sciences and Tech and also a non-executive Director at ZimTrade. A graduate from University of Zimbabwe, he is a registered practising Valuer and Estate Agent. Motive Baloyiis a Master’s student at the Department of Rural and Urban Planning, University of Zimbabwe. She holds a BSc Honours in Rural and Urban Planning from the University of Zimbabwe. Her research interests are governance, sustainable human settlements and development issues.

Patience Mazanhi isa student studying towards honours in BSc Rural and Urban Planning at the University of Zimbabwe. Her research interests are in project planning, policy and project evaluation, land rights and social research. Ruvimbo Makurira is currently studying BSc in Real Estate Management with the University of Zimbabwe. Her research interests lie in real estate finance and investment, property valuation and behaviour of land markets in regard to regulations. Tinashe Natasha Mujongonde–Kanonhuhwais currently a Graduate Teaching Assistant and a Master of Science in Rural and Urban Planning student at the Department of Rural and Urban Planning, University Zimbabwe. She holds a BSc. in Rural and Urban Planning and an Executive Certificate in Programme and Project Monitoring and Evaluation, all from the University of Zimbabwe. Her research interests are in environmental planning and management, sustainability and poverty alleviation, housing and city development as well as blue and green issues. Wendy Tsoriyois a Lecturer in the Department of Urban Planning and Development at Great Zimbabwe University. She has lecturing experience in Zimbabwe as well as well as training experience in community capacity building and development in Zimbabwean marginalized communities. Wendy is currently studying for a PhD in Urban and Regional Planning. Her research interests are in areas of spatial transformation of urban areas, participatory planning and urban design and management. Wendy enjoys volunteering her services for the betterment of her community and spending time with her children who are also her source of inspiration. Zebediah Munetais a student studying honours BSc in Real Estate Management at the University of Zimbabwe. His research interests are in land management, property valuation and management of real estate investments.

Zvikomborero Denzel Mwashitais a student studying honours in BSc in Rural and Urban Planning at the University of Zimbabwe. His research interests are in land management, urban planning and design.

Table of Contents Chapter 1: The context of real estate development and markets: An overview ........................... 1 Innocent Chirisa, Ruvimbo Makurira & Mike Juru Chapter 2: Urbanisation trends and urban land development in Zimbabwe ....................................... 19 Zvikomborero Denzel Mwashita & Chipo Mutonhodza Chapter 3: Zimbabwean real estate finance since 1980 .............................................................. 41 Geraldine Usingarahwe & Zebediah Muneta Chapter 4: understanding rental housing markets in selected African countries ............................... 55 Ruvimbo Makurira & Mike Juru Chapter 5: Construction and property development under austerity in Zimbabwe ...................... 73 Emma Maphosa, Ruvimbo Makurira & Mike Juru Chapter 6: Facilities’ management in Zimbabwe............. 89 Zebediah Muneta Chapter 7: The Institution and practice of property valuation in Zimbabwe....................................... 111 Chpater 8: Statutory valuation in Zimbabwe .................... 131 Ruvimbo Makurira & Mike Juru Chapter 9: Real estate, green urbanism and environmental sustainability ...................................... 149 Zebediah Muneta & Wendy Tsoriyo

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Chapter 10: GIS as tool in real estate and urban planning ........................................................... 167 Knowledge Murenje Chapter 11: Negotiation in real estate ............................... 215 Motive Baloyi & Innocent Chirisa Chapter 12: The Scope and issues in property maintenance ................................................... 231 Geraldine Usingarahwe & Chipo Mutonhodza Chapter 13: The role of real estate practitioners in the financial market ...................................................... 249 Mike Juru Chapter 14: Factors influencing property values: The case of Harare ............................................................ 275 Wendy Tsoriyo & Geraldine Usingarawe Chapter 15: Urban graffiti: Epitome of place-making, property value enhancement or socio-political resistance............................................... 293 Geraldine Usingarawe, Wendy Tsoriyo & Innocent Chirisa Chapter 16: Resilience and sustainability in the real estate sector...................................................... 313 Tinashe Natasha Mujongonde–Kanonhuhwa, Spiwe Mupukuta & Innocent Chirisa Chapter 17: Conclusion and the future direction .............. 331 Innocent Chirisa & Mike Juru

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Chapter 1 The context of real estate development and markets: An overview Innocent Chirisa, Ruvimbo Makurira and Mike Juru Setting the tone Rental housing markets in many African countries are represented by a wide variety of shelter locations, with differing conditions and tenure statuses. Many of these countries are filled with informal housing which lacks the proper standards, security and expected quality of an average property (World Bank Group, 2015). In Ghana, the largest population resides in multifamily units which were converted into single household dwellings on given stand sizes. This means that in such areas or places, rental housing is only a form of occupancy provided in the owner-occupied homes. The cost of developing buildings is generally very high. This is due to the high prices of construction materials. As a result, housing becomes the most expensive asset that one will ever buy. This influences the supply of accommodation in the housing and real estate markets. There are limited options on the demand side to help the households in purchasing fully completed residential housing units. The majority of people in many African countries, particularly Zimbabwe, have irregular incomes and are exposed to limited financial options as most of them may not have the collateral security needed to acquire mortgage loans. This reduces borrowing and limits finance for rental housing, thus reducing demand on the housing market (World Bank Group, 2015). There is need for free flow of information about buyers and sellers on the market and this would also enhance the price mechanism to determine the prices using the forces of demand and supply. There is also too much speculation in the housing markets and high demand leads to price influx in real estate which may lead to inflation in the country. Overall, it is important to

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