Eris Properties Malawi, a property development and services company, has urged Malawians including those in the diaspora to consider real estate as a long-term investment that can generate sustainable income and preserve value.
The firm’s chief executive officer Washington Chimuzu said this on Friday in Blantyre during a business breakfast held jointly with Icon Properties plc, both subsidiaries of Malawi Stock Exchange-listed Nico Holdings plc.
He said the meeting was aimed at closing the knowledge gap about the two companies and the opportunities available in the country’s property and real estate sector.
“We wanted to showcase what we do and how we can help developers, businesses and other players to make the most of their property investments,” said Chimuzu.
He said while Icon Properties plc boasts of an occupancy rate of over 95 percent, the sector is not immune to cyclical economic shifts that affect demand.
But Chimuzu said both companies have mechanisms to maintain high occupancy by offering flexible spaces tailored to customer needs and market conditions, urging village savings and loans groups to channel their collective savings into property development.
He said: “Perhaps those groups need to consider investing in housing even if it means buying land in the first year and developing it gradually. It is a way of holding value and generating revenue over time.”
During the meeting, guests raised various concerns about the lack of structured residential development in the country’s cities despite Malawi having a lot of land.
Former Blantyre City mayor Noel Chalamanda, who was among the guests, stressed the need for private sector proactiveness.
He said residential areas such as Nkolokosa, Chinyonga and Kanjeza in Blantyre as well as Area 18 and Area 15 in Lilongwe, were developed decades ago and since then, there has not been large-scale residential projects implemented in the country.
“It is high time the private sector stepped up instead of relying solely on the government,” said Chalamanda.
Private practice lawyer Patrick Mpaka, who is Malawi Law Society immediate-past president, commended Eris Properties for the event and encouraged widening of the conversation to include professional bodies such as architects and engineers.
“For the country to develop, the private sector must take the lead,” he said, urging the private sector to collaborate with the government to foster the country’s development.
In an interview, one of the guests Noel Mwenifumbo described the meeting as an eye-opener.
He said: “There are things that have been talked about here that not only affect the nation at large, but also us as working-class individuals.
“This has expanded my knowledge on how I can invest my hard-earned money. ”
Eris Properties entered the Malawi market about eight years ago while Icon Properties plc listed on the 16-counter MSE in 2019.
