Real estate in Zambia is a dynamic and ever-evolving industry. As we head into 2023, there are several trends that are expected to shape the real estate market in Zambia. Here are some of the top real estate trends to expect in Zambia in 2023.
- Increased demand for affordable housing: With a growing population and an expanding middle class, there is a rising demand for affordable housing. Developers are expected to focus on building affordable homes to meet this demand. The government’s initiatives to support affordable housing are also expected to encourage developers to invest in this sector.
- Emphasis on sustainability: Sustainability is a growing trend in the global real estate industry, and Zambia is no exception. Developers are expected to focus on building sustainable homes, incorporating eco-friendly features such as solar panels, energy-efficient lighting, and water-saving fixtures. This trend is likely to be driven by government policies aimed at reducing the carbon footprint of buildings.
- Increased adoption of technology: Technology is rapidly transforming the real estate industry, and this trend is expected to continue in Zambia. Developers are expected to embrace technology to streamline processes, increase efficiency, and improve customer experience. Technologies such as virtual reality, 3D printing, and artificial intelligence are expected to become more commonplace in the industry.
- Growth in the retail sector: The retail sector in Zambia is expected to experience significant growth in 2023. With a growing middle class and a rise in consumer spending, developers are expected to focus on building modern shopping centers and malls to cater to this demand. The government’s efforts to improve the business environment and attract foreign investment are expected to drive this growth.
- Continued investment in infrastructure: Infrastructure development is a critical component of the real estate industry, and Zambia is expected to continue investing in this sector in 2023. The government’s focus on improving the road network, expanding access to electricity, and increasing access to water is expected to create more opportunities for real estate developers.
- Rise of co-living and co-working spaces: Co-living and co-working spaces are gaining popularity in Zambia, especially among the millennial generation. Developers are expected to focus on building shared living and working spaces that offer affordable accommodation and office space for young professionals.
