Tanzania House Sales Boom

On Tuesday, March 25, the National Housing Corporation (NHC) held a special conference announcing the sales of 214 homes in the Dar es Salaam suburb of Kigamboni. 

Previously last year, NHC had managed to sell another 182 low cost housing units just in two days, and had to close the bidding process significantly earlier than planned due to excess demand.

Mr. Shambwe, Director of NHC Business Development, shared the views of his company to surpass the goal of constructing 15,000 houses in Tanzania by 2015.

The National Housing Corporation has in total 10 similar housing estates build up in different regions of Tanzania, including Morogoro, Dodoma, Arusha, Songea, and Singida regions.

Targeting the low income population, NHC priced its housed from TSZ45.75billion to TZS128.9billion, depending on the housing model, number of bedrooms, and facilities.
During the press conference, the NHC representative shared that the company’s revenues amounted to TZS45billon from already sold 1000 houses around Tanzania.

According to the World Bank report on Tanzania mortgage market, total mortgage bank lending had increased by 46% in 2013, and the housing demand is expected to grow even more rapidly, therefore, other investors are encouraged to become stakeholders in similar projects.

Kenyan Housing Finance Group, a corporation owing 30 per cent of the Kenyan mortgage market, is already planning to open a branch in Tanzania by 2016 to help saturate the demand.