Zimbabweans Are Rushing Into Property as a Safe Haven Against a Volatile Economy
Zimbabweans are snapping up properties as a safe-haven against currency uncertainty and the frequent economic policy u-turns that have scared off investors, at a time when a popular hedge — the country's stock market — is underperfoming.
The Zimbabwe Stock Exchange's all-share index is down 21% since Sept. 27, when the central bank devalued the ZiG after a bout of persistent weakness against the dollar and began tightening monetary policy to stabilize the local gold-backed currency. Its stance has led to a liquidity crunch that's impacted the bourse and forced local investors to look elsewhere.
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