Tanzania’s real estate market to be governed by new laws

Tanzanian Minister for Lands, Housing and Human Settlements Development, William Lukuvi, said on Saturday the government was finalising drafting a new law aimed at regulating the real estate business.

real estate
Real estate

Lukuvi told the National Assembly in the east African country’s political capital Dodoma that the bill for enacting the law will be tabled in the House in the next financial year.

real estate
Real estate
Tabling his ministry’s budget for 2016/2017, Lukuvi said the new law will be designed to oversee investments in real estate, administer tenants’ rights, increase government revenue, control quality of buildings and its related services.

Real estate is a growing business in Tanzania, east Africa’s second largest economy.

At the same time, Lukuvi said the Housing Microfinance Fund, being coordinated by the Bank of Tanzania, has already started operations after receiving additional capital of 9 million U.S. dollars in 2015.

The minister said the Dar es Salaam Community Bank (DCB) has been given 2.5 million dollars for issuing soft housing micro loans.

Lukuvi urged other banks to establish mortgage and housing financing arms to enable many people to get decent houses.

Meanwhile, Lukuvi said the government has already repossessed seven former sisal farms in Kikwetu in Lindi Region as part of its drive to repossess all abandoned farms and other large chunks of land which were given to investors.

He said 11,845 acres of Kikwetu farms have been given to the Tanzania Petroleum Development Corporation for the construction of a Liquefied Natural Gas plant in the region.

Lukuvi added that title deeds for 26 farms in Monduli, Muheza, Mafia and Mvomero districts in Arusha, Tanga and Morogoro regions respectively have been revoked after owners failed to develop them. Enditem

Source: Xinhua

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