So, Why Invest In Residential Property NOW Rather Than Later On?
Moreover, the Government of the Republic of Zambia, has also taken the initiative to greatly encourage local and foreign based investors to invest in real property on a massive scale by enacting empowering and enabling pieces of legislation that encourage residential property development and/or investment in the Republic.
One such dynamic, empowering and enabling piece of legislation is the Zambia Development Agency Act (No. 11 of 2006), which is an Act of Parliament solely intended to foster economic growth and development by promoting trade and investment in the Republic of Zambia through an efficient, effective and coordinated private sector led economic development strategy. It also establishes the Zambia Development Agency as a one stop facility which ensures, among other matters, client focus, dialogue with the private sector and create confidence in public sector support for business; provides for the functions and powers of the Agency; empowers the Agency to attract and facilitate inward and after care investment; provide and facilitate support to micro and small business enterprises; promote exports and globalization; streamline bureaucratic procedures and requirements faced by investors whether local or foreign; facilitate industrial infrastructure development and local services; promote greenfield investments through joint ventures and partnerships between local and foreign investors; promote and encourage education and skills training so as to increase productivity in business enterprises; encourage measures to increase Zambia’s capacity to trade and enable business to participate in a competitive global environment; ensure that the private sector takes advantage of and benefits from international and regional trade agreements; and provide for matters connected with and/or incidental to the foregoing.
And Statutory Instrument Number 17 of 2014 of the Zambia Development Agency Act in the Appendix 2 (d) on Priority Sectors, housing unit development has seriously been prioritized in the Republic of Zambia in specified locations known as "Multi-Facility Economic Zones" and has provided specific and advantageous incentives for developers of real property in such areas.
For instance, if as an investor whether local or foreign, you develop, construct and establish a minimum of fifty or more houses erected or maintained under one management or control on land developed specifically for the citing of such houses in accordance with a comprehensive plan that provides for the laying out of roads and the furnishing and availability of services essential or ancillary to the use of such building as houses, then you stand to benefit from the investor incentives provided for under section 56 of the Zambia Development Agency Act!
Moreover, Section 19 of this same Act offers protection from compulsory acquisition of an investor's property and/or investment. And section 83 binds the Republic of Zambia regarding any agreements entered into by an investor with the Republic relating to business investment under the Zambia Development Agency Act and thus ensuring that your investment is highly protected and guaranteed!
So, What Does This Therefore Mean To Both Local And Foreign Investors Looking To Invest In Real Property In The Republic Of Zambia?
Well, maybe the words of the current Zambia Development Agency Director General namely Mr. Patrick Chisanga will put it more convincingly and persuasively and I quote him below:
"The housing deficit presents an opportunity for investment and I call upon local and foreign investors to exploit this opportunity by developing low, medium and high cost houses". (As quoted in the Times of Zambia Newspaper dated Friday, February 6th 2015, on page 7 paragraph 11 in the Business News Segment in an article titled 'Chongwe To Get 429 Houses').
In paragraph 12 of the same article, he continues:
"The Government of the Republic of Zambia through Statutory Instrument No. 17 of the ZDA Act has prioritized housing unit development in specified locations known as 'Economic Zones' and provided incentives for developers. We aim to establish and facilitate various partnerships and investments to address the current national housing deficit and promote real estate and property development", he was quoted as saying this.
Moreover, the creation of brand new provinces and districts in the Republic has also greatly contributed to this very national housing deficit and eventual increased demand for accommodation.
For instance, in Chinsali District of the newly created Muchinga Province, Norman Siame a reporter from the Times of Zambia Newspaper in an article featured in the same Times of Zambia Newspaper titled 'Housing Deficit Hits Chinsali District' dated Wednesday 18th December, 2013, reported that the recent creation of Muchinga Province by the late Republican President Michael Chilufya Sata and eventual naming of Chinsali District as the New Provincial Headquarters has resulted in an unprecedented demand for housing and other social services in this very particular region of the country and hence creating a corresponding need for increased investments in real property in this part of the Republic of Zambia!
So, these factors stated herein plus many, many other factors not itemized here, make it plainly clear and feasible enough to both local and foreign investors to seriously consider investing in real property in the Republic of Zambia before this opportunity's window period lapses!
Therefore, why not take advantage of this very opportunity presented to you if you happen to have the money that is and invest in residential property on a serious commercial basis?
Real estate investment is a highly safe and secure investment vehicle that any shrewd investor must consider getting into!
So, dear blog reader and potential real property investor, I only hope that this bog post has been of great help to You.
And if you found this blog post highly enlightening and educative, why not share and recommend it to the people you love and care about so much. They'll thank you for it.
Your comments - whether positive or negative ones - are also very much welcome!
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