Property for sale in Tanzania
Tanzania is an East African country known for its vast wild areas, including the grasslands of the Serengeti National Park, a popular safari destination, where the so-called Big Five (elephant, lion, leopard, buffalo and rhino) lives, and the Kilimanjaro National Park, where the highest mountain in Africa is located.
It borders to the north with Kenya and Uganda, to the west with Rwanda, Burundi and the Democratic Republic of the Congo, and to the south with Zambia, Malawi and Mozambique.
Dar es Salaam is the largest city and was the capital until the seventies. The transfer of administrative functions to the new designated capital Dodoma, located in the centre of Tanzania, has not yet been completed.
The real estate sector in Tanzania has been favoured by a large population with a rapidly growing healthy middle class and real opportunities for real estate, political stability and an appropriate regulatory framework. The discovery of oil and gas, substantial mineral resources, tourism and agriculture have helped make Tanzania one of Africa's fastest-growing economies, with an annual GDP growth in the region of 7%. The growing stability in the East African region and the growing appetite of offshore real estate investors interested in property for sale in Tanzania from countries such as Dubai have increased the attraction of real estate in Tanzania.
There are many skyscrapers in Dar es Salaam that have made the city very beautiful and have offered the necessary space for the offices and apartments of the city. The average house in Dar-es-Salaam costs about 30 times the average salary of a Tanzanian middle class. People who dares spend almost 3/5 of their monthly rental income. However, these real estate developments are huge returns for most of those who buy and sell property for sale in Tanzania to meet market demand.
Given the relative childhood of the real estate market in Tanzania, a more significant challenge is the lack of commercial information or data on real estate developments in Africa, which makes it difficult to fix prices of property for sale in Tanzania.
Although the demand for quality of property for sale in Tanzania remains high, the expectation of modest growth both in the Tanzanian economy and in households' disposable income could weaken the progression of property for sale prices.
The real estate market in Tanzania could be both a boom and a time bomb, but we still have yet to find out
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