Africa -  Zimbabwe - Harare

Zimbabwe is transitioning from decades of political instability, the change in regime has created great international interest. Economic growth made a recovery in 2017 with a GDP growth rate of 3.4%. The growth is projected to slow down to 2.7% in 2018 due to liquidity shortages of US dollars as per the World Bank.

Tourist arrivals in 2017 were up 12% from 2016. Victoria falls International Airport was refurbished in 2016 and now operates daily and weekly flights from eight airlines with passenger handling capacity of 1.5 million. Zimbabwean general elections in July 2018 have raised security concerns resulting in the U.S. Embassy issuing a travel advisory ‘level 2 warning: exercise increased caution’ due to increased political tensions. This has raised some concerns regarding investor sentiment.

Upgrades at Robert Gabriel Mugabe International Airport, Harare also broke ground in July of 2018 financed and built by China. The upgrades will increase the handling capacity from 2.5 million passengers to 6 million. Airline companies South African Airways, British Airways, Fastjet , Ethiopian Airways , Kenya Airways , Emirates , RwandAir are the current flight operators.

Hoteliers are positioning themselves for post Mugabe growth with Cresta Hotels undertaking major refurbishments to its Harare 123 key property. Radisson Blu plans to open 245 rooms at the end of March 2019 and will not be the last as many projects are rumoured.  

Great wildlife and natural attractions including Victoria Falls a UNESCO World Heritage Site, are now gaining new appeal with the shift in the political landscape and infrastructure development. International Hotel Chains entering the market could possibly bring the much-needed tourists and foreign currency into the country to boost the whole economy. 

Exchange Rate:

Exchange Rate 2016 Exchange Rate 2017 Change 2016/2017 Exchange Rate 2018 Change 2017/2018
US$ 1 0 0
Zimbabwe - Harare 0.00266 0.00266 0.0% 0.00266 0.0%

Change In Value For Market:

Legend
Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: Less than -10%

Zimbabwe - Harare RevPAR Change

Zimbabwe - Harare RevPAR

Year RevPAR
2015 47.01
2016 41.25
2017 40.96
2018 (f) 43.45
2019 (f) 45.23
2020 (f) 43.28

For more information, please contact:

Tim Smith, MRICS
[email protected]
  • +27 797 342296 (w)
Rishabh Thapar
[email protected]
  • +27 0 792790584 (m)
Laura Dutrieux
[email protected]