Zimbabwe

Lying between the Zambezi and Limpopo rivers, Zimbabwe is a land of striking landscapes and diverse wildlife. It borders South Africa, Botswana, Zambia and Mozambique. To the locals, it is here the Victoria Falls are seen best!

There has been optimism in Zimbabwe’s housing market although the country has been hit by hyperinflation and foreign currency shortages, denting demand. In previous years, prices have been low due to lack of demand and unstable financial environment. Cash is most popular in a weak mortgage market.

There are a few requirements, but foreigners can buy property in Zimbabwe. Check the property has clean title deeds with your agent in the earliest stages. Options to buy range from apartments to stand-alone family homes, land, commercial premises and tourism related property. The capital, Harare is the most popular location. The country’s second city, Bulawayo is rich in cultural history.

The rental market favours the lessee, making evictions through non-payment difficult. That said, amongst Harare’s professional tenants landlords have seen high rental yields, around 15% achieved. Using the letting and property management services a good real estate agent can ease stress, help maximise the financial gains and reduce the risks, especially if you are non-resident.

Financial transfers outside Zimbabwe are generally subject to bank approval. New foreign currency regulations were introduced in 2021. The authorities have cracked down to support the local currency, but US dollars are used in the economy.

The buying process can take around 30 days from acceptance of offer. An Agreement of Sale (AoS) is drafted by the legal conveyancer appointed by the seller. Once agreed and signed by both parties payments need to be made in line with conditions stated. Both Seller and buyer attend a ZIMRA interview (Zimbabwe Revenue Authority) where there is a Capital Gains Tax assessment. Once clearances are obtained, the Conveyancer lodges deeds with the Registrar to change ownership.

Transfer fees paid by the buyer amount to around 8% of agreed sale price. The seller pays the Agent’s commission, any capital gains due and has to clear outstanding bills on the property. Land transfers are subject to VAT.

Capital Gains Tax is a flat rate of 5% on final agreed sale price, but there are exemptions. There is stamp duty on property sales between 1-4%, paid by the buyer. There are no property taxes, but there are corporate and income taxes. The tax system is based currently on source rather than residency. This may change. Always check details up front with your agent, legal or tax advisor.

Visitors need a visa to enter Zimbabwe and passports need to be valid for at least six months from the date of arrival, with UK government recommending the passport has at least three blank pages in case you need to leave at short notice via a neighbouring country. British passport holders can obtain a visa on arrival valid for 30 days as a tourist. There is a cost, currently US$50 for Single Entry and US$70 for Double entry visa (inc. service charge). You can apply to have visas renewed or extended via Government of Zimbabwe. Check visa charges, terms & conditions before travelling.

There is an Investor Residence Permit option. Fees, terms & conditions apply. Please do get in touch with us and we can connect you to our partners.

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