Tuesday, March 15

Real Estate Boom in Zambia

Traditionally, property in Zambia is owned by Government and land is vested in the President. "Private Ownership" of land takes effect only through renewable 99- to 999-year leaseholds. (Land was seen as a gift of God and should not be sold.)

However, according to Augustine Mulolwa of the University of Zambia's Department of Surveying, "the privatization of government enterprises, the sale of government houses, and an apparent awakening by Zambians to own property" has led to the actual sale of land.

Consequently, as South African companies set up shop in the region, they drive up the prices of commercial and residential real estate, thus sparking a regional property boom throughout southern Africa.