A Real Estate Agency has observed that the low and medium-end segments of the rental market are showing signs of stabilization, while the high-end market continues to face challenges, with property prices averaging above US$15,000.
Speaking in an interview with Money News, Kingdom Real Estate Agency Chief Executive Officer Ngosa Nkandu noted that sales figures remain unchanged due to an oversupply of properties, resulting in too much inventory and fewer buyers.
“Nothing has changed much in terms of sales, we are still at the same space. We still have too much inventory on the market and less buyers. This is what we call the buyers market,” Mr. Nkandu said.
Mr. Nkandu added that although the Kwacha’s recent strengthening against the US dollar has not yet triggered significant shifts in the buyer sub-sector, it has created opportunities for Zambians living abroad who wish to invest in property back home.
“The current performance of the Kwacha is favoring Zambians abroad who are looking to buy property in the country,” he added.
He, however, acknowledged that many people are still facing difficulties in purchasing properties through mortgage financing, limiting activity in the buyer segment.
“Generally, not much has happened in the real estate industry so far this year,” Mr. Nkandu observed. “But we remain optimistic that the situation will improve as the year comes to a close.”
Mr. Nkandu further projected a downward adjustment in property and rental prices in the coming months, as government incentives linked to the election period begin to take effect.
He said the anticipated government measures are likely to influence pricing trends across both the buyer and rental subsectors of the real estate market.
Mr. Nkandu noted that towards elections, there are usually incentives that government puts in place, and these will have an impact on prices in the sector.
He believes that the combination of government incentives, currency stability, and renewed investor confidence could help revive activity in Zambia’s real estate sector in the final quarter of 2025.
