Does a vibrant housing sector propel economic growth? Zimbabwe is about to find out. It is investing $20 million in residential housing after spending $7 million to buy land.
The Central African nation may be following the Chinese example. Throughout China’s continuing economic boom, the country invested heavily in the housing sector to the extent of creating mini-cities left empty for months.
There should be no shortage of occupants either in Harare or other urban centers in Zimbabwe.
By international standards a $27 million investment may not sound like much, but it is not peanuts in cash-strapped Zimbabwe.
Expectations are that the residential houses will be well designed and not too expensive.
The fact is – if you want to attract foreign direct investments, the investor managers should have somewhere to live.