1/11 In its latest report, the Insurance and Pensions Commission revealed that pension funds have once again marked up the value of their property portfolios — even as rental yields slipped to just 3.7%. At the same time, the very companies that contribute to these pension.funds

11/11 Thanks for reading!. I write on the finance & strategy behind the most important companies in Africa and the World. Follow me @tmukogo for more. Please comment on / repost the below tweet! I would love to get your feedback!.

10/11 Where’s the Money? What’s the Move?. They say you can’t go wrong with property. I say you can’t go wrong with quality. Even as the property boom continues for a few more years, the money is in quality. There will be a surge of new developments and opportunities in the

9/11 In his book The Big Short, Michael Lewis describes a nanny who, at the peak of the housing boom, owned six houses. How? She borrowed money to buy her first house. As property prices kept going up, she borrowed more and more, repeating the process until she owned six houses.

8/11 In other words, companies are struggling to pay pension contributions, a sign of a challenging Zimbabwean economic environment. If more companies can’t afford to pay pension contributions, doesn’t that indicate that fewer companies can afford to pay rent?. If so, can

7/11 If Yields Are Low, Why Are Valuations Increasing?. Normally, if yields are low, you wouldn’t expect the value of properties to keep rising. But part of this may be a timing issue. If you own a property that is still under development, it would temporarily distort the

6/11 Tangent:. If you're reading this for the first time, you nearly missed it!. This was sent out two weeks ago. Join 4,000+ business leaders getting these insights first via email and never miss a post. Sign up for free via the link in my bio. Let's continue.

5/11 If this were just a single property, it wouldn’t be much of a concern. Low yields can result from temporary tenant turnover or contracts with escalation clauses that kick in over time. However, in this case, it represents 967 pension funds and over $1 billion in property —.

4/11 Simply put, pensions estimated their property portfolios to be more valuable at the end of March 2025 than they were at the end of December 2024. What stands out is the yield on that property portfolio — essentially rental income divided by property value. This number is

3/11 Are Property Prices in Zimbabwe Getting Too High?. There are logical reasons why property prices in Zimbabwe appear to be so high. We covered that in detail before on Money & Moves. However, some data points raise questions about whether cracks are starting to emerge in

2/11 About the Insurance and Pensions Commission (IPEC). IPEC regulates Zimbabwe’s largest institutional investors — pension funds and insurance companies, which together hold and deploy the biggest pools of long-term capital in the economy. Because of the above, IPEC reports

RT @nothandonicola: Impressive as usual, enjoyed reading this @tmukogo . Yall need to add this to your newsletters

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