ZITF 2021, a reflection of business resilience – Millin
By Edward Mukaro
THE 2021 Zimbabwe International Trade Fair (ZITF) is a demonstration of Zimbabwean business resilience and visitors will get to witness what the nation offers, the Real Estate Institute of Zimbabwe (REIZ) president Alexander Millin has said.
Bulawayo, the home of ZITF, welcomes investors, visitors, local business players, government officials and the general populace to the 2021 fair after the cancelation of the 2020 edition due to the outbreak of the COVID- 19 pandemic.
Speaking to The BusinessConnect, Millin said, “This year’s edition of the ZITF demonstrates the resilience of the business community in Zimbabwe. It is a well-established annual event that should provide all exhibitors and visitors to the fair an opportunity to interact and enjoy mutually beneficial business deals. Visitors will have an opportunity to see first hand the various products and services on offer,” he said.
Millin added that despite the fact that local properties are not commonly traded on the international market, the sector is also reliant on imported building materials, which in turn contributes to the overall construction cost of the property.
“Properties in Zimbabwe are not commonly traded on the international property market, so they are not directly impacted by international property market trends.
“However, costs of building materials which have to be imported do have a direct impact on the costs of construction which in turn, influences the selling price of the property. On average those properties that have a high percentage of imported construction materials will ordinarily, command a higher selling price than a property that has less imported material content,” added Millin.
The REIZ boss also opined that remodeling business units is essential, as just sticking to office space is not necessarily the option nowadays.
Landlords have been implored to adopt the three “R” strategy (refurbish, retrofit and remodel) to operate profitably, while at the same time satisfying tenants’ changing needs and wants.
Growth in the property sector has been stalled by a myriad of factors such as availability of suitable land, availability of fully serviced land, high costs of construction, legislation such as the Residential Premises Rent Regulations which actually impede investment in residential property, and among other factors.