In Zambia's real estate industry, there's potential to develop gated residential estates, complete with water and power infrastructure, on the outskirts of the capital, Lusaka, where land prices are more affordable. Inutu Zaloumis, owner and managing director of Pam Golding Properties Zambia, suggests these serviced land plots be targeted at the middle-income self-build market.

High mortgage interest rates – which ranged between 16.5% and 23% by mid-2023 – have spurred a robust self-build market, says Zaloumis. Zambians frequently buy plots of land and construct their homes progressively over a span of five to seven years. During this time, they reside in rental properties. “Culturally, Zambians love to build; that is what they do. So the residential land sales market is actually performing very well,” she notes.

Student housing offers another potential opportunity, considering Zambia's young demographic with a median age of approximately 17 years. The recent introduction of free primary and secondary schooling in the country is expected to increase the demand for tertiary education for the foreseeable future.

Real estate investors should also consider the Zambian town of Livingstone, located next to the Victoria Falls on the border with Zimbabwe, as it has emerged as a popular location for retirement properties. Pam Golding has observed an uptick in inquiries for Livingstone. Zaloumis attributes this rising interest mainly to foreigners looking for retirement properties. She highlights Livingstone's advantages, such as the presence of an international airport and its relative closeness to South Africa, convenient for those seeking medical care.

Zambia real estate opportunities: From Lusaka…