In an exclusive conversation with Real Estate expert PRINCE MATCHIKA at the 2025 Ecama Annual Conference themed ‘Beyond the Crises: Reshaping the Economy’, our News Analyst BARBARA KACHINANGWA sought to understand why the real estate industry has a stake in economic discussions, and what role it can play in rebuilding Malawi’s economy. Excerpts. Q1Why was it important for you to attend this conference?
A1 I attended for a very good reason. Every economic activity takes place on land, and land is real estate. The performance of the real estate industry depends on the economy, and the economy depends on the performance of the real estate industry. The two are intertwined. So, as a professional, I needed to understand what our economists are saying about where the economy is heading, because that ultimately affects the property market, too.
Q2 Malawi has faced several economic shocks, how has the real estate sector been affected by these challenges?
A2 Quite significantly. When the kwacha was devalued, prices for construction materials shot up overnight. Developers could not plan properly because the costs kept changing. I’ve seen cases where people started a project and had to stop half-way simply because prices had doubled. Even landlords felt the pressure, as maintenance costs increased, forcing them to raise rentals. But when rentals increase and incomes remain stagnant, tenants move out, shops close, and buildings become vacant. That’s how economic instability filters directly into the property market. It slows down development and affects property values.
Q3 What message did you take home that can help to strengthen the real estate sector?
A3 What stood out for me was the assurance from the Minister of Finance and the Reserve Bank Governor that there will be no further devaluation. That message restored a bit of market confidence. Economic uncertainty kills real estate. When people expect a devaluation, sellers hold on to their properties, and buyers hesitate to buy. The result is a frozen market.
Q4 Government identified key growth sectors like agriculture, tourism, manufacturing, and mining as drivers of recovery. How does real estate fit into that vision?
A4 All those sectors depend on real estate to function. They all require land, buildings, and proper development planning. That is where real estate professionals come in. We must work closely with policymakers and investors to provide technical advice, from site selection and land acquisition to valuation and property management. Real estate is not just about common sense; it requires technical skill and professional input. There is no substitute for expertise.
Q5We’ve seen agents listing properties and rentals in US dollars. Is that something you encourage or advise caution against?
A5 I’ve seen that, too, and I would advise caution. Unless one has special clearance to transact in foreign currency, that practice should not be normalised. As professionals, we must remember that we don’t operate in isolation, there are laws that govern how we do business. Ignorance of the law is not an excuse.
Q6 Would you still advise a foreigner to invest in Malawi real estate at this time?
A6 Absolutely. I’m encouraged by what I heard at the conference, particularly the government’s commitment to economic stability and recovery. Malawi remains an untapped market with huge potential in housing, commercial spaces and industrial development. For any investor with a long-term vision, this is the right time to establish presence and position for growth.
Q7 What is your message to Malawians as we talk about “reshaping the economy”?
A7 To truly move beyond the crises and reshape our economy, we must first reshape our mindset. Malawi is not a poor country. It is a wealthy nation with people who often think poor. Everything we admire in other countries, the skyscrapers, factories, and modern estates, began as an idea in someone’s mind. If we shift our mindset and embrace professional planning, innovation, and accountability, we can transform this nation. Our land is our greatest asset. When we use it wisely, we create jobs, attract investment, and build prosperity. Real estate mirrors the economy, when one grows, the other follows.
