Real Estate In Tanzania Has Significant Opportunities
Commercial real estate business in Tanzania is continuously developing, and this is due to their tenant-oriented market. Currently, malls and office establishments have an occupancy rate of 35%-45%. And more and more tenants are capitalizing on the economic trend as landlords continue to offer discounts on rent. Likewise, the hospitality sector of the real estate market such as resorts, hotels, motels, and other business accommodation for tourists are thriving. And this gives an attractive opportunity to many investors. Here are some other facts about the real estate environment in Tanzania:
- Commercial real estate is very crucial to the country’s economy as it attributes to high economic growth, better way of life for the locals, and contributing to a prosperous community.
- The value of commercial properties is accounted for 3.7% of Tanzania’s GDP. That is $1.8 billion, a 63% increase from the country’s GDP in 2009 at $1 billion.
- Commercial properties remain a strong investment prospect for the past 7 years.
- Over 300,000 sq. meters of vacant properties, making it an ideal prospect for sale and leasing.