From Falls to Foothills: Looking Beyond Harare
October 02, 2025
Issue #03
Welcome back, Boulevardiers.
Happy new month!
Last week, we looked beyond Borrowdale. This week, we look beyond Harare. For years, Harare has anchored Zimbabwe’s property market. But yield, demand, and resilience aren’t confined to the capital anymore.
Tourism in Victoria Falls is climbing back to pre-2019 levels. Bulawayo’s rental market is stabilizing with steady family demand. And Mutare’s foothills are attracting both lifestyle buyers and long-term land-bankers.
This week’s brief surfaces three investor-ready plays beyond the capital:
A furnished retreat in Victoria Falls — proven short-stay income, turnkey, and tourism-backed.
A family cluster in Bulawayo’s Hillcrest — steady cashflow, with deeds and predictable tenants.
A Murambi foothill parcel in Mutare — title in hand, appreciation upside, and flexible future use.
These aren’t just side markets, they’re signals of where the next wave of smart capital is already moving.
We’ve combed the market to bring you only what’s worth seeing.
With that, this week’s Boulevard is open. Step in:
THIS WEEK’S FEATURED DEAL
Vic Falls Retreat Home. Source: Agent
5,012 m² | Serviced Industrial Stand | Seke Rd Frontage
Why we love it
Victoria Falls is a tourism-first market where high-quality short-stays often outperform many urban long-lets. This property checks the investor boxes:
Tourism-backed demand → steady flow of premium visitors and tour operators looking for serviced houses.
Turnkey optionality → ready to run as a high-end short-stay now, or convert to a private residence.
Operational resilience → borehole + 8 kVA solar cut running-cost risk and reduce cancellations.
Size & privacy → 2,000 m² gives optionality for events, pooled bookings, or future repositioning.
This is not speculation on future tourism — it plugs into an existing USD cashflow stream.
💵 Price: $530,000
📐 Size: 2000 m²
📍 Location: Victoria Falls, Matebeleland North
📑 Status: Move-in ready; owner currently operates as a serviced rental
🏗️ Play: Tourism Corridor Lifestyle
Projections
Est. Average Daily Rate (ADR): USD 350
Occupancy: 45%
Gross Yield (STR): 10.9%
Payback Period: 12.8 years
Cash-on-Cash ROI (Unlevered): 7.8%
Internal Rate of Return (10 yrs, 3% growth): 9–10%
Want the full breakdown?
See cashflow assumptions, sensitivity analysis, and modelled yield scenarios.
Prefer to take the next step? Next Steps →
THIS WEEK’S ANALYST’S PICK
Hillcrest, Bulawayo 4BR Family Home. Source: Agent
2,023 m² | Family Home | Title Deeds Confirmed
Why we love it
This Hillcrest home represents the kind of regional stability many investors underestimate: solid tenant demand, lower volatility than speculative corridors, and immediate optionality for modest refurbishment.
Reliable tenant pool: family-sized homes like this tend to attract longer leases (family, corporate, NGO).
Operational readiness: borehole and secure fencing reduce management headaches in regional cities.
Large lot optionality: 2,023 m² gives room for future infill, extension, or a modest subdivision (subject to approvals).
Defensive asset: less sensitive to short-term market swings compared with high-spec city clusters.
💵 Price: $160,000
📐 Size: 2,023 m²
📍 Location: Bulawayo
📑 Status: Title deeds confirmed
🏗️ Play: Regional Stability. Buy, Let, and Hold
Projections
Purchase Price: USD 160,000.
Est. Monthly Rent (scenarios): $650
Annual Rent: $7,800
Gross Yield: 4.88%
Net Yield (after 25% operating load): 3.7%
Payback (rough): 22.2 yrs
Want the full breakdown?
See cashflow assumptions, sensitivity analysis, and modelled yield scenarios.
Prefer to take the next step? Next Steps →
THIS WEEK’S CURATOR’S PICK
Murambi Mutare Family Home. Source: Agent
4000 m² | Main + Cottage | Stability Play
Why we love it
Murambi is to Mutare what Borrowdale is to Harare—the suburb people trust for stability, prestige, and resale. This property is more than just a house; it’s a versatile lifestyle-plus-investment play:
Dual-use flexibility → main house + cottage makes it ideal for multi-generational living or short-stay rental add-on.
Lifestyle premium → large 4,000 m² plot with pool, garden, and sweeping views.
Operational resilience → borehole and solar keep running costs low, crucial for Mutare’s infrastructure gaps.
Prestige location → Murambi has long been Mutare’s blue-chip suburb, ensuring value stability.
💵 Price: $185,000
📐 Size: 4000 m²
📍 Location: Murambi, Mutare
📑 Status: Title deeds confirmed
🏗️ Play: Hybrid Play [Main House LT + Cottage STR]
Projections
Hybrid Play [Main House LT + Cottage STR]
Cottage ADR (short-stay): USD 130
Occupancy (baseline): 45% → 164 nights
Annual STR Revenue (cottage): USD 21,300
Combined Revenue (LT + STR): USD 33,300
Gross Yield (combined): 18%
Net Yield (after opex, mgmt, vacancy): 11–12%
Want the full breakdown?
See cashflow assumptions, sensitivity analysis, and modelled yield scenarios.
CHECKING OUT
This week, we widened the lens beyond Harare, from the falls in Matabeleland North to the foothills in Manicaland, spotlighting Zimbabwe’s other hot spots:
Victoria Falls for tourism-first yield plays.
Bulawayo for stability and corporate-backed demand.
Mutare for land-backed dual-income optionality.
Because building a portfolio isn’t about chasing every shiny listing—it’s about clarity, context, and range.
If any of these deals fit your goals, don’t wait. Opportunities like these move fast. Tap Next Steps or just hit reply, and we’ll walk you through the next steps.
Here is to the dawn of a smarter way to invest in Zim property!
— Team onBoulevard
PS:
We are just getting started. If this issue helped you see the market a little clearer, share it with a friend who has been struggling to make sense of Zim property.
Let’s build this market together.
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Disclaimer
This newsletter is for informational purposes only and does not constitute financial, legal, or tax advice. Nothing herein is a recommendation or endorsement of any specific investment, strategy, or service. We are not a broker-dealer, investment advisor, or underwriter, and we do not assess the suitability, legality, or regulatory compliance of any securities offering mentioned.
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