Zimbabwean real estate company Seeff Zimbabwe is making a concerted effort to rebuild trust with the Zimbabwean diaspora community and attract their investment in the country’s property market. The initiative comes amid a growing trend of diasporans seeking property ownership back home but also concerns about lost funds due to informal investment practices.
Safeguarding Investments: Formal Channels and Trust Building
Many Zimbabweans living abroad, often referred to as “diasporans,” have reportedly lost money intended for property purchases after sending it through informal channels like friends or family. These funds were allegedly diverted for personal use, leaving the investors with nothing. Seeff Zimbabwe is addressing this issue head-on by promoting the use of formal channels for remittances, such as banks or registered money transfer services. Patience Munetsi-Patongamwoyo, the company’s Managing Director, emphasizes a key advantage of formal channels: simplified disinvestment. “When using official channels, obtaining central bank clearance to repatriate funds becomes much easier,” she explains. This eliminates unnecessary hurdles and bureaucratic red tape for diasporans looking to sell their properties and withdraw their investment.
Seeff Zimbabwe recognizes the growing importance of diaspora investment in the country’s property market. Diaspora landlords have become a significant force in recent years, and the company is actively working to understand their specific needs and concerns. A lack of trust due to past investment losses and a desire for specific property types are some of the key challenges identified. Additionally, access to financing has been a recurring issue for diaspora investors.
Beyond Investment: A Range of Support Services
Seeff Zimbabwe is going beyond simply facilitating property purchases to cater to the diaspora community more comprehensively. The company now offers property management services for those who already own property in Zimbabwe. This ensures the property is well-maintained, tenanted, and generates rental income for the owner, even if they are based abroad. Valuation services are also available, allowing diasporans to determine the current market value of their Zimbabwean properties. For those unsure about the best course of action for their existing investments, Seeff Zimbabwe provides advisory services to help them make informed decisions.
A Lucrative Opportunity with a Personal Touch
Despite the challenges, Seeff Zimbabwe believes that property ownership in Zimbabwe presents a lucrative opportunity for diasporans. “Prospects of property ownership back home are very attractive,” says Patongwamoyo. She acknowledges the sentimental value for diasporans – “this is home and one day you will want to return” – but also emphasizes the strong potential returns on investment (ROI) that Zimbabwean property can offer. Seeff Zimbabwe’s focus on rebuilding trust, providing secure channels for investment, and offering a range of support services positions them as a one-stop shop for diasporans looking to invest in their homeland’s property market.
Source: New Zimbabwe
