Economic instability mangles Real Estate and tourism

Edmore Mhangami

The Real Estate Institute of Zimbabwe (REIZ) recently attributed the decrease of tourism in the country as the major facilitator of market failure being faced by the economy of Zimbambwe.
REIZ President Siza  Masuku concurring to the notion of market failure once said the decrease in tourism and cash crunch that hit the nation has negative impact on property owners.
Masuku allured that the protuberant problem the tourism industry is closed therefore is poor lucrative property investment.
Speaking during an indoor meeting held at Kariba Hotel, Mrs Elizabeth Muyezwa an economic analyst said there is need for robust measure to ensure the revival of the tourism sector if the country is to regain its economic stability.
“There is a need to take logical measures that would resuscitate  places like Kariba, Victoria Falls and other tourists attracting areas into state of art destinations.
“There is also need to create areas that would curb informal businesses (such as vendors) operating in the streets  pavement so that our tourists would walk freely,” she said.
Mrs Muyezwa called upon the government to chip in and provide financial assistance to this cause.
She said the tourism sector to at its pick generates lots  foreign currency especially in 2007.
“Tourism in Zimbabwe average 1641353.93 from 1980 until 2015, reaching an all time high of 2508255.00 in 2007 and a record low of 237668.00 in 1980. During its pick large sums of foreign currency were pumped into the crippled economy which helped in as far as way of life is concerned though to a lesser extend,” she added.
The meeting which was aimed at finding ways to resurrect the  economy ended with stakeholders vowing to work hand in gloove with the government towards this cause.