Housing Finance in Zimbabwe

Overview

Announced in November 2019,[5] Zimbabwe’s 2020 National Budget highlighted the construction industry as a key contributor to gross domestic product (GDP) growth and employment creation. A broad range of remedial activities in housing and related infrastructure were planned for 2020 and an amount of Z$2.68 billion[6] (US$42.05[7] million) allocated. However, the unforeseen effect of COVID-19, accompanied by a severe drought, resulted in a harsh economic downturn. After six months of a disrupted economic environment, GDP growth for 2020 was revised to reflect a -4.5 percent contraction in July 2020.[8] Many programmes planned for the year were shelved as resources were redirected to health-related expenditure, including water supply and sanitation programmes.[9] Industrial capacity utilisation is now down to 27 percent.[10]

In a further effort to bring transparency and wider participation in the trading of foreign currency, the Reserve Bank of Zimbabwe introduced a weekly Foreign Exchange Auction Trading System in June 2020 aimed at narrowing the gap between the official and unofficial market exchange rates, and also at stabilising commodity prices.[11]

On the interest rate front, as the pulse of business weakened due to the COVID-19 lockdown, the Reserve Bank’s overnight accommodation (repo) rate was reduced to stimulate business activity. Originally at a rate of 70 percent in September 2019, the rate was cut in March 2020 to 25 percent, down from 35 percent in November 2019, and reduced even further to 15 percent in April 2020. However, the overnight accommodation rate was increased again to 35 percent in July 2020, in order to discourage speculative borrowing; stabilise the newly introduced foreign exchange auction system; and curb inflation.[12]

Mortgage interest rates have mainly fluctuated between the 25 percent to 36 percent level from 2019 into 2020 during the lockdown period, despite rapid changes in the overnight accommodation rate.  From a housing perspective, the property market during 2020 remains disrupted by widespread uncertainty over the value of the local currency, which has influenced potential sellers to hold onto their properties. The unaffordability and unavailability of mortgage finance frustrates aspiring home-buyers, and new housing is inhibited by inflationary increases in the cost of building materials. However, the demand for affordable housing continues to increase, spurred by rural-to-urban migration. This has resulted in the mushrooming of illegal settlements on the periphery of major cities and towns. In many cases, rogue land barons have taken advantage of the circumstances and haphazardly demarcated and sold pieces of land, some smaller than the stipulated minimum size of 70 square meters. This has prompted incremental construction of structures close to each other, creating clusters of illegal settlements without running water and proper sanitation. In 2014, 60 such settlements existed in and around the capital, Harare.[13] An estimated one in four urban dwellers live in these slums.[14]

Reacting to the pandemic, in April 2020, the government promulgated deferment of rents and mortgage payments during the lockdown period, which have to be cleared in staggered payments on expiry of the lockdown.[15] Some tenants have taken advantage of these measures but most borrowers continue to service their bonds, and therefore loan-servicing trends have not been significantly affected. The government also committed to providing assistance of Z$200 (US$3.14) to vulnerable families per month for three months from April 2020. In July 2020, the government made Z$35.5 million (US$557 300) available for the shelter of homeless people and Z$50 million (US$784 437) for establishing quarantine centres.[16] Due to budgetary constraints, however, no subsidies are offered for housing. The government established a National Disaster Fund to which entities made contributions for the benefit of the less privileged.

 

[1] World Bank (2020). Data section. Zimbabwe. https://data.worldbank.org/country/zimbabwe (Accessed 17 August 2020).

[2] Zwinoira, T. (2020) CZI: Industry capacity utilisation to fall to 27%. 16 February 2020. The Standard. https://www.thestandard.co.zw/2020/02/16/czi-industry-capacity-utilisation-fall-27/ (Accessed 30 August 2020).

[3] Mercy Corps (2019). The facts: Cyclone Idai’s effect on Southern Africa. https://www.mercycorps.org/blog/cyclone-idai-facts (Accessed 17 August 2020).

[4] Zimbabwe Ministry of Finance and Economic Development (2019). The 2020 National Budget Statement. 14 November 2019. http://www.zimtreasury.gov.zw/index.php?option=com_phocadownload&view=category&id=54&Itemid=787  (Accessed 6 August 2020). Pg. 19.

[5] Zimbabwe Ministry of Finance and Economic Development (2019). The 2020 National Budget Statement. 14 November 2019. http://www.zimtreasury.gov.zw/index.php?option=com_phocadownload&view=category&id=54&Itemid=787 (Accessed 6 August 2020). Pg. 19.

[6] Zimbabwe Ministry of Finance and Economic Development (2019). The 2020 National Budget Statement. 14 November 2019. http://www.zimtreasury.gov.zw/index.php?option=com_phocadownload&view=category&id=54&Itemid=787 (Accessed 6 August 2020). Pg. 29.

[7] With the consent of CAHF, amounts in Z$ have been converted to US$ at the rate of Z$63.74 to US$1 applicable on 1 July 2020, being the exchange rate arrived at under the Reserve Bank of Zimbabwe Foreign Exchange Auction Trading System. Conversion at the international rate provided would not make sense in the Zimbabwean context.

[8] Zimbabwe Ministry of Finance and Economic Development (2020). The 2020 Mid-Term Budget and Economic Review. 16 July 2020. https://t3n9sm.c2.acecdn.net/wp-content/uploads/2020/07/2020-MID-YEAR-BUDGET-REVIEW-AND-ECONOMIC-REVIEW.pdf (Accessed 6 August 2020). Pg. 12.

[9] Zimbabwe Ministry of Finance and Economic Development (2020). The 2020 Mid Term Budget and Economic Review. 16 July 2020. (2020)  https://t3n9sm.c2.acecdn.net/wp-content/uploads/2020/07/2020-MID-YEAR-BUDGET-REVIEW-AND-ECONOMIC-REVIEW.pdf (Accessed 6 August 2020). Pg. 61.

[10] Cikonyora, P. and Tazira, Y. (2020). Industry capacity to drop 27 percent. 17 February 2020. Herald. https://www.herald.co.zw/industry-capacity-to-drop-27-percent/ (Accessed 28 August 2020).

[11] Reserve Bank of Zimbabwe (2020). Introduction of a Foreign Exchange Auction Trading System. 17 June 2020. https://www.rbz.co.zw/documents/press/June/Foreign-Exchange-Auction-System—17-6-2020.pdf (Accessed 6 August 2020).

[12] Reserve Bank of Zimbabwe (2020). Press Statement. Resolutions of the Monetary Policy Committee Meeting. 26 June 2020. https://www.rbz.co.zw/documents/press/June/00104_STATEMENT-RESOLUTIONS-OF-THE-MONETARY-POLICY-COMMITTEE-MEETING-HELD-ON-26-JUNE-2020.p (Accessed 6 August 2020).

[13] Environment & Urbanization (2014). Harare Slum Profiles Report 2014. https://www.environmentandurbanization.org/harare-slum-profiles-report (Accessed 31 August 2020).

[14] Moyo, J. (2020). Stranded in the slums. 24 February 2020. Development and Cooperation. https://www.dandc.eu/en/article/zimbabwes-urban-population-growing-fast-and-many-new-arrivals-end-slums-disastrous-living

[15] Zimbabwe Legal Information Institute (2020) Presidential Powers (Temporary Measures) (Deferral of Rent and Mortgage Payments During National Lockdown) Regulations, 2020. https://zimlii.org/zw/legislation/si/2020/96 (Accessed 3 August 2020). Pgs. 539-546.

[16] Zimbabwe Ministry of Finance and Economic Development (2020). The 2020 Mid-Term Budget and Economic Review. 16 July 2020. https://t3n9sm.c2.acecdn.net/wp-content/uploads/2020/07/2020-MID-YEAR-BUDGET-REVIEW-AND-ECONOMIC-REVIEW.pdf (Accessed 7 August 2020). Pg. 58.

Access to finance

Formally, Zimbabwe has 19 registered financial institutions, made up of 14 commercial banks and five building societies. The building societies have traditionally provided mortgage finance in terms of their licences, while 10 banks have been granted mortgage lending approval by the Reserve Bank. This was achieved due to an amendment of section seven of the Banking Act of 2000 to include consumer and mortgage credit as a banking activity in 2015.[1] Since 2004, the Reserve Bank has also been a player in the mortgage sector through a non-bank subsidiary that it formed to serve the diaspora market.

Potential borrowers cannot always afford to raise deposits of an average 25 percent for housing loans and meet monthly instalments, especially with high interest rates and compressed repayment periods. Zimbabwe therefore had a reduction in the number of mortgage loans during 2020. This declined from 11 485 as at 31 December 2019, to 8 282 as of 30 June 2020. While very few new advances were being made in the low-cost housing sector, large numbers of small loans were being paid off on completion of their terms.

For aspiring urban homeowners in high- and medium-density areas, current options have mostly been limited to the purchase of vacant stands made available by some financial institutions and private developers. Purchase is based on staggered payment terms, and owners are permitted to embark on incremental construction using personal resources or short-term loans from employers or microfinance institutions.

Zimbabwe also has a total of 217 registered microfinance institutions which reflected a consolidated loan book of Z$469.20 million (US$7.36 million) as of 31 March 2020. The bulk of these loans provide clients with economic livelihoods and business working capital and are not directed towards housing finance.[2] The need for financial solutions that are suitable for incremental house construction has, over the past five years, influenced the emergence of housing microfinance. The solution is pioneered by organisations such as ShelterSol, which works with some housing cooperatives, but is yet to be fully embraced as an alternative to traditional mortgage finance.

In 2019, Shelter Afrique, a continental housing financial institution based in Kenya, approved Z$1.27 billion (US$20 million) of its lines of credit to some Zimbabwean banking institutions, the proceeds of which were disbursed in 2020.[3]

 

[1] Government of Zimbabwe (2015). Chapter 24:20 Banking Act. https://www.rbz.co.zw/documents/acts/zim-banking-act-with-2011-amendments.pdf (Accessed 30 August 2020)

[2] Telephonic interview with Godfrey Chitambo, Executive Secretary, Zimbabwe Association of Microfinance Institutions, 6 August 2020, Harare, Zimbabwe.

[3] Musarurwa, T. and Mapakame, E. (2019). Shelter Afrique avails US$20m lines of credit. 13 December 2019. Business Weekly. https://www.ebusinessweekly.co.zw/shelter-afrique-avails-us20m-lines-of-credit/ (Accessed 31 August 2020).

Affordability

Within the medium-density segment of urban housing, stand size ranges from 301 to 1 000 square meters. This is typical of the housing in the suburb of Msasa Park, Harare, featured on an online website on 12 July 2020. Here, house prices range between Z$3 187 000 (US$50 000) and Z$4 143 100 (US$65 000).[1] Most sellers, however, are still reluctant to accept local currency for houses. With the unavailability of US$ dollar mortgages and the unaffordability of Zimbabwe dollar loans, sellers struggle to find buyers for their properties. Salaries of middle-management workers who normally buy in the medium-density segment have not kept track of rising inflation rates and many cannot afford mortgages. Deposits of 25 percent of the purchase price are almost impossible to achieve as inflation has reduced individual saving reserves. Many homeseekers in this segment therefore resort to the popular route of buying stands and building incrementally.

The high-density segment in Zimbabwe is referred to as the low-cost housing sector. Projects undertaken by developers in recent years have sought to address the housing backlog, estimated at 1.3 million units,[2] at this level.  Six out of seven institutions in the country that are members of the African Union for Housing Finance (AUHF),[3] have been the main sponsors of large-scale, low-cost housing projects in urban centres in recent years and have constructed over 5 000 low-cost units in Harare, Bulawayo and Victoria Falls.  On-going and planned projects will create an estimated 23 000 units and serviced stands, the bulk of which will be for the low-cost housing sector, within the next five years.[4]

Price-wise, some of the cheapest units are within large-scale development projects. For a 27 square meter house in Budiriro, Harare, for instance, the price was Z$1 660 000 (US$23,043) as of July 2020. To purchase this unit, a buyer needs to raise a 10 percent deposit of Z$166 000 (US$2 606) and apply for a loan of Z$1 494 000 (US$23 454). Monthly instalments on this loan are calculated at an interest rate of 25 percent per annum over a 10-year period, and amount to Z$33 985 (US$533). In addition, proof of household income of at least Z$135 940 (US$2 134) is required, so that instalments essentially represent 25 percent of monthly income. In an environment in which employment is decreasing and inflation is eroding disposable incomes, potential buyers of high-density housing can no longer afford to buy houses. In July 2020, developers of the Budiriro[5] project were still to clear the remaining stock of units completed in 2018.

Due to reduced employment opportunities, the COVID-19 lockdown has not improved housing affordability in Zimbabwe. This is also due to a general loss of employment and income by diasporic Zimbabweans in foreign countries, with lockdown in host countries resulted in a sharp drop in remittances flowing into Zimbabwe. Migrant income peaked at a total of Z$921.7 million (US$14.5 million) in 2019,[6] but is projected to decline by 20 percent in 2020.[7] In addition, COVID-19 has halted the completion of houses under incremental construction as they were incomplete and not ready for occupation; as a result, many families continue to live in uninhabitable conditions without water and sanitation.

 

[1] Classifieds.co.zw (2020).  https://www.classifieds.co.zw/en/zimbabwe-houses-for-sale-221?order=default&which=&query=&query_type=both&price_amount%5Bmin%5D=&price_amou (Accessed 6 August 2020).

[2] Zimbabwe Ministry of Finance and Economic Development (2019). The 2020 National Budget Statement. 14 November 2019. http://www.zimtreasury.gov.zw/index.php?option=com_phocadownload&view=category&id=54&Itemid=787 (Accessed 28 August 2020). Pg. 84.

[3] CBZ Bank Limited; CABS; FBC Building Society; National Building Society; ZB Bank Limited; Homelink Limited; Steward Bank Limited.

[4] Telephonic Interview with Toddy Muchongwe, Central Africa Building Society, 6 August 2020, Harare, Zimbabwe; Email correspondences with Maxwell Marezva, CBZ Bank, 17 August 2020; Bridget Chamisa, Homelink (Private) Limited, 18 August 2020 and Heather Mubayi, FBC Building Society, 18 August 2020, Harare, Zimbabwe.

[5] Telephonic Interview with Toddy Muchongwe, Central Africa Building Society, 24 July 2020, Harare, Zimbabwe.

[6] Zimbabwe Ministry of Finance and Economic Development (2020). The 2020 Mid Term Budget and Economic Review. 16 July 2020. https://t3n9sm.c2.acecdn.net/wp-content/uploads/2020/07/2020-MID-YEAR-BUDGET-REVIEW-AND-ECONOMIC-REVIEW.pdf (Accessed 6 August 2020). Pg. 58.

[7] World Bank (2020) World Bank Predicts Sharpest Decline of Remittances in Recent History. Press Release 22 April 2020.

https://www.worldbank.org/en/news/press-release/2020/04/22/world-bank-predicts-sharpest-decline-of-remittances-in-recent-history (Accessed 6 August 2020).

Housing supply

Statistics last published by the Zimbabwe National Statistics Agency in 2017 show that the country had 1 119 451 (34.39 percent) urban and 2 136 102 (65.61 percent) rural households. The average household size for urban areas was lower with Harare recording 3.7 persons and rural Matabeleland North recording the highest average of 4.6 persons. The overall national average was 4.2 persons.[1]

Of the urban properties, 36.9 percent had either freehold title or municipal leases, while 50.6 percent were tenants and lodgers. A further 12.5 percent lived in accommodation provided by employers. In rural areas, 82.5 percent of households owned their dwellings and another 17.5 percent were in employer-provided accommodation, mainly teachers, the police and other public sector employees who occupied government houses.

The new Zimbabwe National Human Settlements Policy developed during 2019 seeks to broaden the perception of housing beyond towns and cities to include rural villages, farm and mine compounds, business centres, and rural and district service centres. This should enable collection of relevant data in the future.[2]

The housing backlog in urban areas is about 1.3 million,[3] concentrated within the high-density sector. The existing stock of housing in this sector is largely inadequate, as many families share houses with lodgers, resulting in crowded and unhealthy living conditions. Demand for accommodation is amplified by the creation of 16 new universities in urban centres without sufficient on-campus accommodation for students. More than 15 000 students do not stay in campus accommodation and therefore lodge in high-density and informal areas.[4]

In 2020, COVID-19 disruptions have forced many diasporic Zimbabweans (estimated to be over four million), to return home due to widespread loss of income in their host countries. About six thousand people had already returned to Zimbabwe by 22 May 2020 and many more are expected.[5] COVID-19 containment measures such as social distancing will therefore be extremely difficult to enforce as living conditions become more crowded, particularly in informal settlements.

The housing backlog in Zimbabwe has also been badly affected by the inflationary cost of building material from 2019 to 2020. This, coupled with high costs of purchase, has threatened the viability of multiple-unit turnkey projects in the low-cost housing sector. In November 2019, one of the largest cement producers in the country, Lafarge Zimbabwe, reported a 19 percent year-on-year drop in domestic consumption due to declining demand from homeowners.[6] During May 2020 the company painted an even gloomier picture by predicting a 30 percent year-on-year decline in sales volumes in 2020 due to the pandemic.[7]

 

[1] Zimbabwe National Statistics Agency (2017). Inter-Censal Demographic Survey 2017. http://www.zimstat.co.zw/wp-content/uploads/publications/Population/population/ICDS_2017.pdf (Accessed 7 August 2020). Pg. 27.

[2] UDCORP. (2019) Zimbabwe National Human Settlement Policy. Urban Development Corporation. https://udcorp.co.zw/download/zim-nat-human-settlement-policy-2019/ (Accessed 12 August 2020). Pg. 2.

[3] Zimbabwe Ministry of Finance and Economic Development (2019). The 2020 National Budget Statement. 14 November 2019. http://www.zimtreasury.gov.zw/index.php?option=com_phocadownload&view=category&id=54&Itemid=787 (Accessed 6 August 2020). Pg. 84.

[4] Rusike, T. (2019). $23m Boost for Student Accommodation. 30 June 2019. Zimbabwe Situation. https://www.zimbabwesituation.com/news/23m-boost-for-student-accommodation/ (Accessed 6 August 2020).

[5] The Herald (2020). 6 000 Back from Diaspora. 22 May 2020. https://www.herald.co.zw/6-000-back-from-diaspora/ (Accessed 6 August 2020)

[6] Global Cement (2019). Lafarge Zimbabwe sees cement demand drop 19%. 29 November 2019.

https://www.cemnet.com/News/story/167863/lafarge-zimbabwe-sees-cement-demand-drop-19-.html (Accessed 6 August 2020).

[7] Global Cement (2020) Lafarge Cement Zimbabwe predicts 30% demand drop in 2020. 20 May 2020.

https://www.globalcement.com/news/item/10862-lafarge-cement-zimbabwe-predicts-30-demand-drop-in-2020 (Accessed 6 August 2020).

Property markets

The Deeds Registry of Zimbabwe is responsible for title registrations to immovable property and mortgages thereon. Zimbabwe was ranked 109 out of 190 countries in the World Bank Doing Business 2019 and 2020 reports on the “registering property” topic, based on transfer of commercial property.  Although the overall ranking remained unchanged, the score based on steps, time and cost involved in registering property improved from 58.2 percent in 2019 to 59.5 percent in 2020, largely because of three positive policy reforms made for registration of property in line with Doing Business recommendations since 2008. These include a reduction in Capital Gains Tax, the launch of an information website and a reduction in transfer time. Negatively, however, conveyance fees have increased. These are charged according to a tariff set in conjunction with the Law Society of Zimbabwe and are about five percent of the price of the property being registered.[1]

In total, 197 estate agent firms are in operation, which facilitate the negotiation and transfer of properties.[2] Property prices across all segments in the country have been difficult to track because of divergence in market perception of the relative currency values. Sellers generally set prices in US dollars and express them in local currency values, converted at varying market rates. These dual prices are sometimes quoted on property websites.[3] This emphasises that Zimbabwe has a buyers’ market for holders of foreign currency, as sellers are reluctant to accept payment in local currency. This has had the effect of reducing property prices by an average 20 percent year-on-year in real terms.[4]

 

[1] World Bank Group. (2020) Doing Business 2020. Economy Profile Zimbabwe. https://www.doingbusiness.org/content/dam/doingBusiness/country/z/zimbabwe/ZWE.pdf (Accessed 6 August 2020). Pgs. 23-26.

[2] Estate Agents Council (2020). List of Registered Estate Agents Firms June 2020. https://eac.co.zw/registeredfirms/ (Accessed 13 August 2020). Pgs. 1-46.

[3] Property.co.zw. Property for sale in Harare. https://www.property.co.zw/property-for-sale/harare (Accessed 7 August 2020).

[4] Interview with Nomsa Gwatiringa, Kennan Properties, 18 August 2020, Harare, Zimbabwe.

Policy and regulation

In a move that demonstrated the government’s desire to engage with housing issues, a new Ministry of National Housing and Social Amenities was created in November 2019. Previously, housing fell under the Ministry of Local Government, Public Works and National Housing. The principal statutes that govern housing matters are spread over four Ministries:

• The Regional, Town and Country Planning Act is administered by the Ministry of Local Government and Public Works, for the identification of land for housing;
• The Ministry of Lands, Agriculture and Rural Settlement administers survey functions set out in the Land Survey Act;
• The Ministry of Justice, Legal and Parliamentary Affairs administers title registration and related functions in the Deeds Registry Act; and
• The new Ministry of National Housing and Social Amenities is served with operationalisation of the Zimbabwe National Human Settlements Policy.

The new Human Settlements policy extends the scope of housing beyond urban centres to rural areas and also captures the government’s preference for vertical development of flats as opposed to
stand-alone units.[1]

 

[1] Zimbabwe Ministry of Finance and Economic Development (2019). The 2020 National Budget Statement. 14 November 2019. http://www.zimtreasury.gov.zw/index.php?option=com_phocadownload&view=category&id=54&Itemid=787 (Accessed 6 August 2020). Pg. 85.

 

Opportunities

The following opportunities exist in Zimbabwe:

• Rental housing: Given that there are employed people who are not likely to acquire their own homes and are living as tenants or within informal settlements, opportunities exist for the construction of stand-alone or high-rise buildings.
• Student accommodation: There is an acute shortage of affordable student accommodation in urban centres where new universities and colleges have been established.
• Housing microfinance: There is a gap for the entry of microfinance lending in the country which has, up to now, been directed towards consumptive and business working capital purposes.
• Modular construction methods: There is a fixation with brick and mortar structures in Zimbabwe. Opportunities thus exist to promote modular construction methods that produce durable houses over a faster construction time.

Availability of data on housing finance

The Reserve Bank of Zimbabwe: collects monetary information on mortgage lending and non-performing loans, but not on the numbers of mortgages in the country. Information is published quarterly online.

Zimbabwe Association for Housing Finance: collects and consolidates mortgage loan amounts; mortgage accounts; non-performing loans; foreclosures; auctions; repossessed properties; and new loans. However, data is not publicised but shared among Association members. A website has been developed (www.zahf.co.zw) and consolidated data will be published online in due course.

Zimbabwe Central Statistics Agency: collects information on urban and rural housing tenure status and household sizes. Data is collected and published online every 10 years. Data gaps exist for information on new houses; titled properties; and mortgages registered and cancelled.

COVID-19 response

When Zimbabwe had recorded seven COVID-19 positive cases and one death, the President announced a 21-day national lock-down commencing on 31 March 2020 during which businesses were closed, with the exception of essential services.  On expiry of the 21-day period on 19 April 2020, the lockdown period was extended by a further two weeks.

A ban on using currency other than the Zimbabwe dollar, imposed in June 2019, was lifted in March 2020 to make it easier for the public to conduct business during the pandemic.

On 29 April 2020, the Government promulgated deferment of rents and mortgage payments. The arrear rents and instalments, however, have to be cleared in staggered payments on expiry of the lockdown period. Furthermore, on 16 July 2020, the government made Z$35.5 million (US$557 300) available for all homeless people to be placed in various shelters and Z$50 million (US$784 437) for establishing quarantine centres.

Additional sources

IFC (2019). Her Home. Housing Finance for Women. International Finance Corporation. World Bank Group. https://www.ifc.org/wps/wcm/connect/ed70be6d-85e9-4c6f-ae7a-bd86822a59c8/

HousingFinanceWomen+1-29-20.pdf?MOD=AJPERES&CVID=m.K2EGS (Accessed 6 August 2020).

Garusa, T. (2019). New Housing Minister in Pledge to End Illegal Settlements. 12 November 2019. New Zimbabwe. https://www.newzimbabwe.com/new-national-housing-minister-in-pledge-to-end-illegal-settlements/ (Accessed 4 August 2020).

Moyo, F. (2020). Zimbabweans Abandon Cities as Opportunities Dry Up. 8 March 2020. Global Press Journal. https://globalpressjournal.com/africa/zimbabwe/zimbabweans-circle-back-rural-areas-opportunities-cities-dry/ (Accessed 6 August 2020).

Virtual meeting with Bridget Chamisa. Homelink (Private) Limited, 27 July 2020, Harare, Zimbabwe.

Websites

CABS: https://www.cabs.co.zw

CBZ Bank: https://www.cbz.co.zw

Estate Agents Council: https://eac.co.zw/registeredfirms

FBC Building Society: https://www.fbc.co.zw

Homelink Limited: https://www.homelink.co.zw

Mercy Corps: https://www.mercycorps.org

National Building Society: http://nbs.co.zw

Reserve Bank of Zimbabwe: https://www.rbz.co.zw

Steward Bank Limited: https://www.stewardbank.co.zw

Techzim: https://t3n9sm.c2.acecdn.net

Urban Development Corporation: https://udcorp.co.zw

ZB Bank Limited: https://www.zb.co.zw

Zimbabwe National Statistics Agency: http://www.zimstat.co.zw

Zimbabwe Situation: https://www.zimbabwesituation.com

Ministry of Finance and Economic Development: http://www.zimtreasury.gov.zw