I went to Zambia recently for a visit and to have some questions answered. It’s always a pleasure to visit loved ones, socialise and catch up on so many discussions. I managed to cram a visit to Kitwe, Luanshya, Ndola and Kafue in one week.
Having lived in Australia for a number of years, listened to many discussions about whether Zambians should go back to Zambia or stay in foreign lands. I thought I should find out things that one can do to make the relocation back to Zambia less of a pain. I will jump to some things that can be done to make the relocation back to Zambia a lot easier. And here they are, REAL ESTATE, that’s it (in my opinion). I have heard that Lusaka may be one, if not thee most expensive city to live in, in southern Africa. You may be aware of the Presidential Housing Initiative (PHI), well I was told that rent in one of those houses can cost up to 4 million Kwacha (Aus $914) a month! These are three bedroom, one bathroom houses. I was told that the last housing initiative in Lusaka was Avondale. And my guess is that this must have been in the 1980s.
Simply put, there is a housing crisis in Zambia.
So, if you plan to relocate to Zambia, and live in Lusaka, then you are strongly advised to have a house in Lusaka to live in. I am generalising of course, you might end up with a job with some foreign company paying you in US dollars, so you could afford to rent while you save up to buy or build a house. But for most people (albeit), this will not be the case. So here is some advice for the rest of us. If you are planing to relocate back to Zambia in the next 5 to 10 years, start building or planing for it. Rent in Lusaka is not cheap! And better yet, go a step further and build two houses. One for living in and one for rent. This way you will have a source of income as you hunt around for a job or to start a business. With a steady income, you will not have the pressure of looking for a job.
In my opinion, having a house or two in Lusaka increases ones chances of relocating back to Zambia. Even if you don’t want to relocate to Zambia, having a house in Zambia (Lusaka) makes for a good return on investment (ROI). With rent being so high in Lusaka and relief from high rental prices nowhere in sight, it is almost a no-brainer.
And here is another free piece of advice, if you are planning to start a business in Zambia and you have not been there in the last six months. I suggest you go have a look and then review your plans before diving head first in an economy that you might understand very little of. Don’t get me wrong. All I am saying is that you need to do your research but also ensure that your data is up to scratch. For example, until this year, I had never heard of (real estate) agents that appoint themselves to help you rent out your property even without your knowledge or consent. Well, now there is.
Do your homework and invest in real estate in Zambia.