HARARE – Zimbabwe’s listed real estate investment trusts (REITs) experienced a strong recovery in market activity during June, with investors returning to property-backed securities despite a modest decline in overall sector valuations, according to the latest figures released by the Zimbabwe Stock Exchange.
Market data shows that turnover in the REIT segment more than doubled during the month, rising to ZiG50.4 million from ZiG22.3 million recorded in May. Trading volumes also strengthened significantly, increasing by 142 percent to 46.5 million units, compared with 19.2 million units the previous month.
The number of transactions climbed to 798, up from 577 in May, making June the busiest month for REIT trading so far this year and pointing to improving market liquidity rather than activity driven by a handful of large institutional investors.
The rebound in trading comes against the backdrop of a marginal decline in the combined market capitalisation of Zimbabwe’s listed REITs, which eased to ZiG2.77 billion at the end of June. Analysts say the divergence between rising trading activity and softer valuations suggests investors continue to view property-backed securities as an attractive long-term asset class despite short-term pricing adjustments.
Zimbabwe currently has two listed REITs—Tigere REIT and Revitus Property Opportunities REIT—both established to broaden investment opportunities within the capital markets while providing property developers with alternative sources of long-term financing.
Unlike direct property ownership, REITs enable investors to gain exposure to professionally managed portfolios of income-generating commercial real estate through the stock market. The structure has become increasingly popular globally because it combines relatively stable rental income with the liquidity of listed securities.
The improving performance of Zimbabwe’s REIT market also coincides with continued portfolio expansion by Tigere REIT, which recently declared a quarterly distribution of US$1 million, equivalent to 0.0544 US cents per unit, for the quarter ended 31 March 2026.
The trust has also indicated that it expects to complete the acquisition of four income-generating commercial properties during the course of this year through retained pre-emptive rights. The acquisitions are expected to expand its asset base, enhance rental income and strengthen future distributions to unitholders.
Speaking recently, Zimbabwe Stock Exchange Chief Executive Officer Justin Bgoni said growing investor participation reflected increasing awareness of REITs as an investment vehicle.
“REITs continue to gain traction among investors as awareness of the asset class increases. We are seeing improving liquidity and broader market participation, which is critical for the continued development of the product,” Bgoni said.
His remarks were reported by the State-owned daily, The Herald, which has highlighted the gradual expansion of Zimbabwe’s listed property investment market.
Although June represented a significant recovery, market activity remained below the exceptional levels recorded in March, when turnover reached approximately ZiG90 million and trading volumes approached 78 million units. Nevertheless, analysts note that the steady increase in the number of individual trades over recent months points to a broadening investor base rather than isolated institutional transactions.
Economist Walter Mapfumo said stronger trading activity was an encouraging sign for Zimbabwe’s relatively young REIT sector, suggesting that both institutional and retail investors were becoming more comfortable with listed property as a long-term investment class.
The renewed momentum also reflects broader trends within Zimbabwe’s capital markets, where investors continue to seek assets capable of generating relatively stable income streams while providing some protection against inflation and currency volatility.
Internationally, REITs have become an established component of diversified investment portfolios. Markets such as the United States, South Africa, Singapore and Australia have demonstrated that listed property funds can improve capital market depth, mobilise long-term investment capital and provide efficient financing for commercial real estate development.
For Zimbabwe, the continued growth of the REIT market could play an increasingly important role in deepening domestic capital markets. By allowing developers to recycle capital through public markets, REITs reduce reliance on conventional bank financing while creating opportunities for pension funds, insurance companies and retail investors to participate in the commercial property sector without directly owning physical assets.
While the sector remains relatively small, June’s rebound suggests confidence in Zimbabwe’s listed property market is gradually strengthening. Continued improvements in liquidity, portfolio expansion and investor participation could position REITs as an increasingly important source of long-term capital for the country’s real estate industry and the broader financial system.
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