Zimbabwe’s Tourism Comeback: Why Investors Should Pay Attention

Africa’s tourism markets are not recovering at the same pace, and that divergence is exactly where opportunity often appears. Among the countries I have followed closely in recent years, Zimbabwe stands out. Not because it has made the most noise, but because its fundamentals are building in a way that often comes before meaningful investor interest.

What is happening in Zimbabwe today is more than a post-pandemic rebound. The country is repositioning itself as a high-value tourism destination, where demand for quality hospitality infrastructure still runs ahead of supply. For investors focused on Africa’s hospitality and eco-tourism sectors, that gap is the real story.

A recovery with real momentum

Zimbabwe’s tourism sector was hit hard during the pandemic. However, the rebound since 2022 has been stronger and more sustained than many expected. International arrivals reached about 2.3 million in 2023, while tourism receipts were estimated at roughly USD 1.1 billion for the same year.

Several signals support that recovery. Hotel occupancy rates in key destinations have moved back into the 45% to 55% range nationally, with stronger performance in premium tourism corridors. At the same time, domestic tourism has grown steadily and now acts as an important stabilising pillar. In parallel, the government’s National Tourism Recovery and Growth Strategy has set a target of USD 5 billion in tourism receipts by 2025, which points to clear policy intent.

An asset base few markets can match

Victoria Falls remains the country’s flagship destination and the clear anchor of Zimbabwe’s tourism story. Yet the broader asset base is what makes the market genuinely compelling. Zimbabwe combines Victoria Falls with Hwange National Park, Mana Pools and the Great Zimbabwe National Monument. Few destinations on the continent can match that concentration of natural and cultural assets.

Mana Pools is especially important at the premium end of the market. As a UNESCO World Heritage Site, it attracts high-spending travellers who value exclusive and experience-led tourism. That profile fits directly with the global shift toward authentic, nature-based travel, which continues to support the luxury eco-tourism segment.

Demand and connectivity support the case

Zimbabwe’s source markets are also well diversified. South Africa remains the leading regional market, supported by strong cross-border travel links. Beyond the region, the United Kingdom, the United States, Germany and China all contribute to international arrivals.

Equally important, Zimbabwe sits at the centre of Southern Africa’s tourism circuit. It connects naturally with South Africa, Botswana, Zambia and Mozambique. As a result, multi-country safari itineraries increasingly route through Zimbabwe, allowing the country to benefit from both direct demand and wider regional momentum.

Infrastructure is moving in the right direction

Infrastructure remains a practical test for any tourism market. In Zimbabwe, the direction is encouraging. The expansion of Victoria Falls International Airport has improved international access, while road upgrades along major tourism corridors and better regional flight links are strengthening connectivity.

There is still work to do. Even so, policy direction is becoming clearer. The government continues to encourage private investment in luxury lodges, hotels, resorts, MICE infrastructure, eco-tourism projects and tourism transport. That combination of policy support and market undersupply creates a credible entry thesis for patient capital.

Why investors should pay attention

The strongest opportunity remains at the premium end of the market. High-end safari lodges, boutique eco-tourism developments and destination hospitality around Victoria Falls remain structurally undersupplied relative to the quality of the underlying asset base.

The investment logic is straightforward. Zimbabwe offers world-class assets that cannot be replicated. Quality accommodation remains limited in several key tourism regions. Global demand for adventure and eco-tourism continues to rise. In addition, Zimbabwe’s role in the regional tourism circuit strengthens its long-term position. For investors willing to take a long view, that combination deserves close attention.

Zimbabwe’s tourism story is still unfolding. The recovery is real, the assets are exceptional and infrastructure is improving. Challenges remain, especially around the operating environment and currency dynamics. Even so, markets that combine scarcity, rising demand and a visible supply gap rarely stay overlooked forever.

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