In Zimbabwe’s oft unpredictable property market, trust might be the most important currency anyone can possess. Over the last 10 years, Cardinal Properties has accumulated it in abundance.
“Zimbabwe's Most Trusted Developer” is Cardinal’s slogan—a very bold statement. Since this year marks their 10th anniversary, Propertybook recently sat down with Josh Silcock, who has been driving Cardinal Properties' sales and marketing for the past decade, to understand exactly how true their bold slogan is.
100 on Montgomery Development by Cardinal Properties
From Estate Agent to Market Leader
Silcock has been partnered with Cardinal Properties from the very beginning. From just a few minutes with him, it was clear that this was someone who knew what he was talking about.
"My background is actually development, which gives me a lot of competitive edge in the real estate sales agency game because I can speak to build costs, I can speak to return on investment, I can speak to product yields," he said.
Even though he has a master's degree in real estate and passed his Estate Agent Council Exams with the agency Summit Properties, he isn’t satisfied. He is currently studying for an Assessment of Professional Competence with the Royal Institute of Chartered Surveyors (RICS).
In Zimbabwe's often ad hoc real estate market, Silcock’s academic background sums up Cardinal Properties approach and success. It isn't based on guesswork. Over the last decade, they have built robust systems, compiled thorough comparable datasets and comprehensive indices that inform their development decisions.
Data-Driven Decision Making
"We've got a very robust set of comparables compiled over the past decade. It is a huge set of data which divides the suburbs in this country by subsections to inform our decisions," Silcock revealed.
Such systems, uncommon in Zimbabwe's property market, were initially created to give Cardinals staff “some common language on what we’re talking about internally.” But as these things often do, they’ve had a compounding effect externally as well.
As a result, Cardinal Properties has what Silcock calls an "X-factor" in business. That’s because where others focus on flash and style, they focus on substance. The product is the most important factor.
"People will never buy a product because they like the sales agent,” Silcock says. “Being a very good sales agent, it's a portion—that personality— but 90 percent of it will be the products that they sell.”
Understanding the Zimbabwean Buyer
Since Cardinal Properties focuses so much on the product, it needed to understand which product to sell and why it sells. An example of the local market dynamics at play is what Silcock called the "quantum cash effect.” It states that buyers are limited by available funds rather than value considerations.
People will only spend the amount of money they have.
Silcock illustrated this with a striking example: "There's a Mandara property which was 2,000 square meters of land selling for $180,000. But next door, there was exactly the same size land with a fully built, 300 square meter house for sale—for $290,000."
Despite the built property offering better value (with reproduction costs of the house alone at $250,000), buyers flocked to the cheaper land option. “People just don't have over $200,000," Silcock explained, highlighting the cash constraints in Zimbabwe's market.
So, people will only purchase based on what cash is on hand. This pricing insight has guided Cardinal's product design.
Halcyon Days apartments in Arlington Estate
Cardinal believes that stands in clusters between 500 - 800 square meters offer great returns for investors—a significant departure from Zimbabwe's traditional acre and half-acre plots. Similarly, they have revolutionized industrial developments by offering smaller stands rather than the standard two acres, better meeting the needs of SMEs.
"These are things that the market wasn't doing prior to when we started doing it.” Silcock told me, and “as market leaders you have to keep reinventing the product offerings to stay ahead of the competition”.
Capital Growth and Market Performance
Numbers speak for themselves. Cardinal Properties now considers itself “The Capital Growth Specialist,” and for good reason. They have delivered impressive returns for investors over its decade of operation, with capital growth averaging around 18% per year.
Arlington Estate, purchased in 2006 and brought to market in 2015, exemplifies this growth. Low-density 2000m² stands initially sold for $15 per square meter ($30,000 total) in 2015 now fetch approximately $120,000—representing a staggering annual yield of around 30% excluding rental income.
A Cape Dutch-style villa in Sunbird Villas, Arlington Estate
Setting Trends in Zimbabwe's Property Market
Cardinal hasn't just participated in the market; they've shaped it. They pioneered the style of townhouse and complex developments now popular across Zimbabwe due to their security features, reliable water supply, and ease of management.
"100 on Montgomery in Highlands set the benchmark that many are following," Silcock noted, ‘”Whilst the pioneering plot & plan estate Peakwood Village offered a new product to the market, these cluster stands were available with 10 [3 or 4 bedroom] house plans to select from with 3 different styles [Modern, Cape Dutch and Contemporary] with a house size range from 125-250 square meters.”
For the extreme luxury market, its Arkenstone project in Borrowdale Brooke features 10 premium luxury villas overlooking a golf course. These units have resold for as much as $1.8 million.
The Arkenstone Development in Borrowdale Brooke
The Future: Regional Expansion
Cardinal Properties’ vision extends beyond Harare. "We are fast becoming a nationwide developer," Silcock said. "We are in Harare and Gweru. We're already in Victoria Falls, and we've got another three projects coming up soon that I won’t go into details on just yet.”
This mysterious future is underpinned by a very strong, clear and present reality. Cardinal Properties is here to stay. And its expansion is guided by two core principles: being "Zimbabwe's Most Trusted Developer" and offering "A Product for Every Purchaser."
Whether buyers are looking for stands at $15,000, $25,000, $40,000, or $60,000, or industrial stands under $100,000 or under $200,000, Cardinal aims to have suitable options available.
Despite its success, Cardinal faces obstacles. "The biggest problem is availability of large pieces of title land," Silcock explained. Additionally, land prices have risen dramatically.
Building costs have also surged by over 40% since 2023, making construction in Zimbabwe as much as 75% more expensive than neighbouring South Africa.
Financing remains another hurdle. While five to ten-year mortgages are technically available from certain banks, their high costs make them impractical. "The average five-year mortgage, including establishment fees, can costs you 50 – 55 percent more," Silcock explained. "If you borrow 100 grand you'd pay 155 grand."
Cardinal addresses this challenge by offering flexible payment terms of one, two, four, or five years, depending on the product. "We are creating a solution to people who can't get mortgages and can't see another path to home-ownership," Silcock emphasized.
Industrial Revolution
Cardinal has also capitalized on what Silcock calls Zimbabwe's "industrial revolution," developing projects like Arlington Phase 7, Ironstone, Jetway, Skyport, and Turnpike that deliver rental returns often exceeding 10%.
The Jetway project particularly stands out for its strategic location. "If you come out of Johannesburg or Nairobi, the land by the airport is just some of the most valuable commercial land," Silcock explained, noting its potential as a special economic zone with associated tax benefits.
The Jetway Industrial Zone, strategically located next to Harare International Airport
Ten Years of Trust
When I asked Silcock if Cardinal Properties could succeed anywhere in Zimbabwe, his answer revealed much about their approach: "It's not that simple," he cautioned. "There are projects that are failing in this country with fairly strong brands behind them. The brand can help you get so far, but if the product isn't what people want, they won't buy it."
This customer-first mindset, combined with data-driven decision making and innovative product design, has positioned Cardinal Properties as Zimbabwe's leading developer as they celebrate their 10th anniversary.
This mindset is why it is trustworthy. Silcock went on to tell me that Cardinal Properties has never focused on the financial contribution. Instead, its focus is always on the customer, giving them a worthy product, taking care of them—and the contribution will come.
Many people like to say that because it sounds nice. But not everyone has the ten years of experience, the dozens of properties, the hours of research and the mountains of data to back it up like Cardinal Properties does.
Zimbabwe’s market is unpredictable and volatile. In such an environment, Cardinal Properties has thrived for the last decade because of how entirely predictably and dependably trustworthy they have become.
Looking for your perfect developer? Cardinal Properties has developments for sale across Zimbabwe, including new developments, stands for sale, and townhouses & clusters for sale to suit every budget. Contact Josh Silcock at +263 772 200 135 today to discover which Cardinal product is right for you.
