The media reported on the interest of wealthy Chinese in luxury real estate in Harare
Wealthy Chinese are showing increasing interest in luxury real estate in Zimbabwe's capital Harare. This was reported by Bloomberg on April 4.
According to the agency, realtors note a significant increase in demand for homes worth from $500,000 to $2 million in prestigious areas. Transactions are often made for cash, which gives buyers an advantage and allows them to bypass currency controls. Unlike other developing countries, where low—income Chinese workers usually go, the wealthy class comes to Zimbabwe - top managers and entrepreneurs associated with the mining industry and other high-income sectors.
"Harare is a beautiful city. This is the place to be," Steve Zhao, founder of the China—Zimbabwe Exchange Center, was quoted by Bloomberg as saying.
He notes that "investors are almost everywhere, from retail to the mining industry." Chinese companies already dominate the country's lithium industry and are actively investing in energy, banking, and infrastructure. At the same time, Chinese restaurants, shopping malls and casinos are appearing in Harare.
However, some of the long-time residents of elite areas are dissatisfied, as the new owners are actively rebuilding historic houses, sometimes ignoring existing building regulations. Nevertheless, many experts see the influx of wealthy Chinese as mostly a positive development for Zimbabwe, as they are investing in the country at a time when Western capital has largely withdrawn due to debt problems and past hyperinflation.
On February 11, CNBC reported on the "largest migration" of rich people in history. It is noted that many of them choose the United Arab Emirates (UAE) as their next place of residence.
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