Defaults rates for tenants up 60%

THE Estate Agency Council of Zimbabwe (EAC) has said the default rate in the property sector has increased to around 60% in the multi-currency system due to the financial situation in the country that resulted in the deterioration of the quality of tenants.

Official statistics show that under normal circumstances, the default rate for the sector should be between 10%-20%.

“We are now recording defaults that range from 40%, to 60% depending with the sector.

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