The
December 2014
Featuring Properties from Tanzania & Kenya
www.darproperty.net
East Africa’s Ultimate Property Guide
FREE COPY
Issue No 34 | ISSN 1821-7753
T: +254 (20) 2724848 M: +254 (739) 203032 M: +254 (722) 203032 info@axisre.co.ke www.axis.co.ke
THE 2ND DARPROPERTY EXPO LOCAL & INTERNATIONAL EXHIBITORS
Diamond Jubilee V.I.P Hall
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The Darproperty - Dec 2014 | 1
Publisher
AVAILABLE FROM:
Darproperty Tanzania Editor In Chief
Larson Chumi
editor@darproperty.net
Zanzibar
Dar Es Salaam
Slipway J. D. Pharmacies Airport Terminal 2 All Shopping Malls Village Supermarket NHC - Head Quarter Scholastica Book Shops All Novel Idea Book Shops Premium Super Markets Bundu Shop - Southern Sun Oysterbay Shopping Center Nakiete Pharmacy - Mwenge Home Shopping Center Renowned Hotels & Offices Tanzania Investment Center (TIC) All Major Real Estate Agents
Chavda Hotel Dhow Palace Beyt al Chai Hotel Zanzibar Coffee House Mtoni Marine Hotel Zanzibar Café Stone Town Café Diplomatic Supermarket Tembo House Hotel Maru Maru Hotel Zanzibar Serena Hotel
Arusha
Nairobi
Mt Meru Hotel Ngurdoto Hotel Kibo Palace Hotel Impala Hotel Naura Spring Hotel Themi Suites Njiro Complex TFA Complex New Arusha Hotel Naazi Hotel Barista Cafe All Major Banks Woolworth Stores JJ black Stores Snow Crest Hotel Smart Choice Supermarkets Shoprite Supermarket
Business Development & Products
Abdallah Mugasa Designs & Layouts
Alan Peter Dennis Maunga
dennis@darproperty.net
Marketing & Sales
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michael@darproperty.net
Distribution
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Key Accounts Manager Brenda Ndashuka Finance & Administration Manager Erick Kessy
Sarova Stanley Hotel Nairobi Serena Hotel Sarit Centre Thika Road Mall Oil Libya Java Lounge Cafes Village Market Junction Mall Kempinski Hotel Hilton Hotel Mega Mall Real estate agent Offices Renowned Restaurants
Accounts Executives Grey Mateni Faraji Senkoro Office Assistant.
Brigita Laurance Regulatory & Legal Advisors
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Mikocheni B - Bima road, P.O. Box 105499 Dar es Salaam +255 22 2780 517 +255 784 238 962, +255 713 751 868 info@darproperty.net Distribution Should you have problems in obtaining copies of DarProperty Magazine, please contact
+255 713 888 036 +255 717 270 791
For Comments, Complains & Compliments pr@darproperty.net Country Director - Kenya Xavier Nanchengwa
Disclaimer The Darproperty is published by Darproperty Tanzania Company. All rights reserved. The contents and opinions expressed herein are not necessarily the representation of publisher’s view. All material published is deemed to originate from the author and will not accept any liability whatsoever in respect that have been sourced from contributors. Users are required to make their own judgement on the details contained in each advertisment. While every caution is taken in compiling the contents of this magazine, the publisher will not accept any liability for the effects arising thereof. No part of this publication will be reproduced with out written consent from Darproperty Tanzania Company.
This magazine is registered by the government of United Republic of Tanzania under the newspaper Act no. 3 of 1976 and the Postmaster General. Registration No. 00005562
The DarProperty March 42 The DarProperty September 2013
- April 2012
4 | The Darproperty - Dec 2014
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Shati House, behind Exim Bank - Clock Tower Plot No. 58, Block E Sokoine road, Arusha +255 754 337 899 +255 786 337 899 info@arushahomes.com
For rent | $700 / month
For rent | $800 / month
4 Bdrm House - Kijenge Mwanama
For rent | $1500 / month
3 Bedroom Fully Furnished House Njiro Gorofa Mbili
For sale | $65,000 Negotiable
Plot for Sale - Njiro Kwa Msola
3 Bdrm Apartment Burkaa
For rent | $350 per month
2 Bdrm Apartment Sakina Behind Sakina Supermarket
For sale | $73,000
Njiro Block D - Plot for Sale
For rent | $500
3 Bdrm Apartment - Njiro Gorofa Mbili
For sale | Price on request
2 Bedroom House, Kwa Mrefu
For rent | $650 / month
3 bedroom House
For more properties visit: www.arushahomes.com
6 | The Darproperty - Dec 2014
The Darproperty - Dec 2014 | 7
Ta nz a ni a ´ sl e adi ngl a nd& pr ope r t ya ge nt www. t z agent s . com DaresSa l a a m
Pr oper t yi mg
Pr oper t yi mg
Pr oper t yi mg
Pr oper t yi mg
FOR RENT Mbezi Beach- 5 b/r USD 3,000 / per month
FOR RENT Masaki – 3 b/r USD 3,750 / per month
FOR RENT Jangwani Beach /apts – 3 b/r USD 1,300 / per month
FOR RENT Oyster Bay – 2 b/r USD 2,300 / per month
Ar us ha
Pr oper t yi mg
Pr oper t yi mg
Pr oper t yi mg
Pr oper t yi mg
FOR RENT Themi Hill – 5 b/r USD 2,500 / per month
FOR RENT West of Arusha – 4 b/r USD 1,500 / per month
FOR RENT Njiro – Commercial USD 1,500 / per month
FOR RENT Makumira – 3 b/r USD 400 / per month
Tanga/Pangani
Pr oper t yi mg
Pr oper t yi mg
FOR SALE Amboni Beach – 4,4 acres Price on Request
FOR SALE Kilwa - top class USD 180,000
Pr oper t yi mg
FOR SALE Ushongo Beach USD 175,000
Pr oper t yi mg
FOR SALE Pangani – 5,6 acres Price on Request
Cont a c t s Da re sSa l a a m
Raphael Nondi
Manager Dar es Salaam Tel. +255 717 032 633 raphael.nondi@tzagents.com
8 | The Darproperty - Dec 2014
Ar us ha
Anders Wehtje
Founder Tel. +255 785 984 467 anders.wehtje@tzagents.com
Tanga/Pangani
Annabel Burdes
Representative Tanga / Pangani Tel. +255 784 632 529 annabel.burdes@tzagents.com
Pr oper t yoft hemont h! LakeMany a r a-USD 250, 000
PHOTO
PHOTO
PHOTO
PHOTO
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Dar Es Salaam Mlimani Tower, floor no. 8 opposite Mlimani City Tanga Skuli street, opposite Tanesco ufundi
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RUNDA MIMOSA
TO LET: Kshs.400,000/= per month. Ref. 69
A spacious double storey house on ½ acre in this secure residential area. Bedrooms, Cloakroom & Kitchen. Garage, 2 Staff Rooms.
LOWER KABETE – OFF GENERAL FOR SALE: Kshs. 38 million. MATHENGE DRIVE Ref. 47
MUTHAIGA
TO LET: Kshs.140,000/= per month. Kshs.5,000/= (Service charge) Ref. 52
A double storey GUESTWING in a secure and neat compound. Living Room, Dining Room, 2 Bedrooms, 2 Bathrooms (1 Ensuite), Cloakroom & Kitchen.
RUNDA – OFF RUAKA ROAD
FOR SALE: Kshs. 100 million. Ref. 10
A modern and secure FOURTH FLOOR APARTMENT conveniently A cozy house on ½ acre of mature garden in this secure part of Runda situated in a development of 15 at the junction of Kabete Lane & General Estate. Living Room, Dining Room, 4 Bedrooms, 2 Bathrooms (1 Ensuite), Mathenge. Lounge, Dining Room, 4 Bedrooms, 3 Bathrooms with bide (2 Kitchen & Study. Includes 2 Ensuite Guestrooms. Ensuite), Cloakroom, Kitchen & Utility Room. Swimming Pool, Inverter for power backup, 1 DSQ, 2 Car Parks.
LAVINGTON, O WASHIKA ROAD
FOR SALE: PRICE GUIDE: Kshs. 190 Million. (Offers Invited) Ref. 74
– OFF ISAAC GATHANJU ROAD
A FREEHOLD plot of 0.786 OF AN ACRE with an old style house. AN IDEAL PLOT FOR THE REDEVELOPMENT OF TOWNHOUSES.
RUNDA – BENIN DRIVE
FOR SALE: PRICE GUIDE:Kshs. 42 Million. Ref. 12
A 0.5 acre plot located in this secure & developed part of Runda Estate. • Level plot. • Services available.
FOR SALE: KAREN, Price Guide Kshs. 640 Million (Offers Invited) Ref. 104 MIOTONI ROAD
A stunning 10.4 acre Freehold plot on Miotoni road, close to the Ngong Road junction. Masses of beautiful trees and an old double storey house. Frontage to a dam. A VERY IMPORTANT DEVELOPMENT SITE.
WESTLANDS
FOR SALE: Kshs. 45 Million. Ref. 77
Located close to the Sarit Centre, the CBD and schools, a spacious DUPLEX in a secure compound. Living & Dining Room, Family Room, 4 Ensuite Bedrooms, Cloakroom, Laundry Room & Kitchen. Can be sold fully furnished.
RUNDA
TO LET: Kshs.350,000/= per month. Ref. 52
A well presented double storey house on 1 ACRE of mature garden in 6 Bedrooms, 5 Bathrooms (4 Ensuite), Kitchen & Cloakroom. Double Garage, Laundry Room, 2 Staff Rooms & Sauna. AVAILABLE 1ST SEPTEMBER 2014.
RUNDA – RUAKA DRIVE
FOR SALE: Kshs. 93 Million. Ref. 59
A delightful and beautifully presented double storey house set in ½ acre of Bedrooms, 4 Bathrooms (2 Ensuite), Cloakroom, Kitchen & Terrace. Garage, Generator Room, Laundry Room, 3 Staff Rooms.
LOWER KABETE
FOR SALE: Kshs. 80 Million. Ref. 48
A double storey house in a development of SIX each with private compound. 2 Living Rooms, Dining Room, TV Room, 4 Ensuite Bedrooms, Study, Kitchen (includes dishwasher, electric oven, hob and extractor). 1 Staff Room.
LAVINGTON, OTHAYA ROAD
FOR SALE: PRICE GUIDE Kshs. 250 MILLION (Offers Invited) Ref. 73
A prime FREEHOLD plot for development of MULTISTOREY FLATS. – 0.759 ACRE. There is a delightful old style house which will sadly be lost.
The Darproperty - Dec 2014 | 13
MEDINA PALMS – WATAMU A delightful apartment with beautiful private gardens and beach. This 2 bedroom Penthouse Apartment is one of the best located of its kind in the Medina Palms residential development. Set over two floors with stunning views over the fishing fleet moored in Turtle Bay. Extending to 283 square meters (3,046 square feet), the penthouse includes a large living space combining a reception and dining area with a modern kitchen off to one side. Both bedrooms are spacious, air conditioned with ensuite bathrooms. The master suite opens onto a terrace and has its own dressing room.
PRICE: Kshs. 58 Million.(UNFURNISHED) WISPERS AVENUE
TO LET: Kshs. 350,000/= per month. Ref. 27
RUNDA
TO LET: Kshs. 320,000/= per month. Ref. 41
Located close to the United Nations & Village market, a double storey
A double storey house o ½ acre of garden in this secure residential
Room, 6 Bedrooms, 5 Bedrooms (3 Ensuite), Kitchen & Pantry. 2 Staff Rooms.
Bedrooms, Cloakroom & Kitchen with Breakfast Area. 2 Staff Rooms, Laundry Room, Generator.
MUTHAIGA
TO LET: US $ 12,500.00 per month. Ref. 51
An immaculate contemporary 6 Bedroom house in a secure compound of 2 with beautiful views of the Karura Forest. 10,000 sq ft. Lounge, Dining Room, TV Room, Study, Kitchen, Cloakroom, Laundry Room with laundry chute & Linen Room. Home theatre, Pool Table, Wine Cellar, Garage, 3 Staff Rooms, Generator, WIFI.
RUNDA MUMWE
TO LET: Kshs. 300,000/= per month. Ref. 90
A well built double storey house on ½ acre of garden. Living Room, Dining, 4 Bedrooms, 3 Bathrooms (2 Enusite), Cloakroom & Kitchen. 2 Staff Rooms, Double Carport, Borehole & Well Water.
14 | The Darproperty - Dec 2014
PEPONI
TO LET: Kshs.260,000/= per month. Ref. 53
FURNISHED & SERVICED Apartments in a secure compound of six with forest views. Living/Dining Room, 3 Bedrooms, 2 Bathrooms, (1
RUNDA EVERGREEN
TO LET: Kshs. 90,000/= per month. Ref. 15
A FURNISHED GUESTHOUSE in a secure compound. Living Room, 2 Bedrooms, 1 Bathroom & Kitchen.
GIGIRI
TO LET: US $ 8000.00 per month. Ref. 6
7000 SQ. FEET OF OFFICE SPACE TO LET A double storey house located close to the Village Market, the UN and Dining Room, Family Room, 5 Ensuite Bedrooms, Kitchen/Store. SWIMMING POOL. AVAILABLE 1ST OCTOBER 2014.
FOURWAYS JUNCTION
TO LET:
Kshs. 155,000/= per month. (inclusive service charge). Ref. 64
A double storey house in a secure development located off Kiambu Road. Living Room, Dining Room, 4 Bedrooms, 2 Bathrooms (3 Ensuite), Cloakroom & Kitchen. 1 Staff Room.
RUNDA
TO LET: Kshs.350,000/= per month. Ref. 102
A spacious and well presented double storey house on 0.5 acre of 6 Bedrooms, 4 Bathrooms (2 Ensuite), Kitchen with Breakfast Area, Extra Bedroom with bathroom. 2 Staff Rooms.
RUNDA
TO LET: Kshs. 400,000/= per month Ref. 49
PEPONI – OFF PEPONI ROAD
TO LET: Kshs.320,000/= per month. Ref. 14
RUNDA MIMOSA
TO LET: Kshs.270,000/= per month. Ref. 100
A double storey house located in a quiet cul de sac in a secure location.
A well maintained house located in a quiet cul de sac, on 0.75 acre of
A double storey house with character in this secure residential area. Living
Bedrooms, Kitchen & Cloakroom. Automatic Generator, Solar Heating, Ample Water Storage, 2 Staff Rooms.
Bathrooms (2 Ensuite), Kitchen & Cloakroom. Laundry Area, Double Carport & large Entertainment Area.
(3 Ensuite), Cloakroom & Kitchen. 1 Staff Room SWIMMING POOL, SOLAR, GENERATOR, INTERNET.
KITISURU
TO LET: US $ 9000.00 per month. Ref. 3
RUNDA MIMOSA
TO LET: Kshs.250,000/= per month. Ref. 56
LOWER KABETE
TO LET: US $ 3500.00 per month. (Each) Ref. 46
An Ambassadorial double storey house on 1 ACRE of mature garden, located close to ISK School, United Nations & Village Market. Living Room & Dining Room (with
A spacious modern double storey house on ½ acre of garden. Living
TWO newly built double storey houses on ½ acre of garden each.
KitchenGuestwing: Living / Dining Room, 2 Bedrooms, 1 Bathroom. 2 Staffrooms, Double Garage, Guard House, 5 Kennels, Generator House, Pool House, BBQ Area. SWIMMING POOL.
Cloakroom, Kitchen & Verandah. Laundry Room, 2 DSQ, Ample Parking.
Cloakroom & Kitchen.1 Staff Room per house.
GIGIRI – BOMBAX CLOSE
TO LET: Kshs. 270,000/= per month. Ref. 51
NYARI ESTATE
TO LET: Kshs. 300,000/= per month. Ref. 17
RUNDA
TO LET: Kshs. 290,000/= per month. Ref. 37
a double storey house conveniently located close the UN, Embassies and
A double storey house on ½ acre located in this secure residential area.
A spacious double storey house on ½ acre of well maintained garden. Living
Bedrooms, 3 Bathrooms(2 Ensuite), Cloakroom & Kitchen. 2 Staff Rooms, Double Garage.
Ensuite), Cloakroom & Kitchen. 2 Staff Rooms, Perimeter Wall.
Kitchen, Cloakroom & Laundry Area. Pressurized water system, 2 Staff Rooms.
RUNDA
TO LET: Kshs. 150,000/= per month Ref. 72
A 3 Bedroom, 2 Bathroom GUESTWING in a secure compound. Living Room, Dining Room, Kitchen & Laundry Area. (INCLUSIVE OF WATER AND SECURITY). AVAILABLE 1ST AUGUST 2014.
LOWER KABETE
TO LET: US $ 5000.00 per month. Ref. 57
A contemporary house on 1 ACRE of mature private garden in this exclusive compound of 4 AMBASSADORIAL Dining Room, Family Room, 5 Bedrooms, 4 Bathrooms, 3 Ensuite, Study, Attic Room, Balcony, Cloakroom & Kitchen. 2 Staff Rooms.
PARKLANDS – ELDAMA RAVINE
TO LET:
Kshs. 120,000/= per month Kshs. 15,000/= service charge. Ref. 58
Conveniently located close to Westlands, Sarit Centre & the Village Market, is this secure development of 8 units. Lounge, Dining, 2nd lounge, 3 Ensuite Bedrooms, Kitchen & Pantry. Generator, Borehole, Lifts, Entertainment Area.
RUNDA – RUNDA LANE
TO LET: Kshs. 400,000/= per month Ref. 45
A spacious double storey house on ½ acre of garden. Living Room Kitchen. Generator, 2 Staff Rooms, Guard House.
GIGIRI
TO LET: US $ 8000.00 per month. Ref. 55
OFFICES TO LET LOCATED ON UNITED NATIONS AVENUE. Main each. Automatic Generator that serves the entire property.
RUNDA
TO LET: Kshs. 370,000/= per month. Ref. 67
An exceptional property that has recently been refurbished on 1.134 acres of mature garden. Living Room, Dining Room, 3 Ensuite Bedrooms, SWIMMING POOL. Has a 2 Bedroom GUESTWING that has been rented.
The Darproperty - Dec 2014 | 15
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18 | The Darproperty - Dec 2014
The Darproperty - Dec 2014 | 19
East Africa’s Real Estate sector on the rise. The real estate and property development sector across East Africa has been on an upward trend. The rise is attributed to the property market responding to the development that has been created by the growing middle class with more disposable income. The growth has also been driven by construction and infrastructure development projects in emerging economies such as Rwanda, Burundi and South Sudan. In addition, as the developing economies in Kenya, Tanzania and Uganda attain maturity, there have been rapid infrastructure developments to facilitate regional trade and investments in mining, oil and gas sectors. This has been complementing developments in the hospitality sector, industrial, commercial and residential come up in areas that were previously marked as non-commercial zone. Such rapid developments in infrastructure and housing have seen the growth of real-estate consultancy market. With more construction development projects being implemented, quantity surveyors and real-estate consultancy experts in East Africa are playing a vital role in assisting companies, governments and individuals make informed development decisions. They often make use of their extensive and diverse valuation and consulting experience, which
20 | The Darproperty - Dec 2014
is focused on delivering high quality and customized serviced to clients. Quantity surveyors advice on the financial management of construction works right from the inception to design, the actual construction, maintenance and creation of formal account. They offer financial advices to contractors and estate developers so that they can work on cost estimates and the expected return. “This gives them the knowledge whether the development is worthy to undertake. If so, they start sourcing for financing� shares Andrew Mandere, a quantity surveyors and the chairman of the Institute of Quantity surveyors of Kenya (IQSK). Property valuers on the other hand address the commercial values of residential property in both rural and urban areas. The quantity surveying sub-sector is within the construction industry, which has been on an upward trend in the East African region in the last three years. Mr. Mandare said there is a lot of construction work and infrastructure development in Kenya and East African region, and this has kept many quantity surveyors busy. He said skyscrapers and other buildings that are coming up in Nairobi, Kampala and other cities in the region could be the result of quantity surveying work that took place two to three years ago.
Real Estate
“Such big construction projects take a long time between inception and commencement of the actual construction because financing negotiations and decisions take time to make,” Mr. Mandere said. To developers, it is prudent to engage a registered quantity surveyor. The cost of engaging professional services is sustainable in the long term, as it improves the quantity of construction work. To take the construction sector forward, there is need to have organized planning for cities and urban towns in East African countries, in which quantity surveyors are ready to play a greater role. Quantity surveyors are also calling for the training of the artisans and middle-level cadre professionals to thoroughly inspect buildings and ensure that any ongoing construction work is of high quality. This would prevent cases of collapsed buildings. In Kenya, value-added tax is a major component in construction that hinders the development of the real-estate sector. “This is due to the high costs involved when all
building materials attract 16 percent VAT” Mr. Mandere said. In additional to this the VAT imposed on all commercial building, rent and purchase of commercial space. “All these compounded have a negative impact on the growth of the construction industry, which directly affects quantity surveyors and other professionals in the industry ,” he added. Taxation aside, levies of local authorities, which Kenya have been taken over by the county governments, add to the cost of construction. “County governments charge for approval of building plan with some going up by 200 per cent within the past two or so years” Mr. Mandere said. In addition, there are various approvals and levies by relevant state departments and agencies. “Even though this is meant to enforce good order, it does not enhance the construction industry,” Mr. Mandere said. He added that there is need for country
governments to consolidate these levies so that they do not make it cumbersome and too expensive for developers in Kenya. For many years, the University of Nairobi and Makerere University used to be the premier institutions that trained quantity surveyors. Over the past few years, more institutions of higher learning are training quantity surveyors. These institutions, Mr. Mandere said, should be accredited by professional bodies in the region to ensure that qualified graduates enter the job market. “We have started to negotiate with them to review their curriculum and to monitor their training facilities” he said. The East African
The Darproperty - Dec 2014 | 21
22 | The Darproperty - Dec 2014
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What you are entitled to from your landlord as tenant
T
he end of the years is approaching so does the start of another year and new budgets, if you are a landlord or landlady then a smile lights up your face, but if you are a tenant, your head has started to spin. Most Tanzanians live in rental houses. As tenants do we all know our rights and what we should do in case we face problems with our landlords or landladies? All of us may have faced some challenge and problems, whether with our landlords or our fellow tenants. Sometimes we get frustrated and we do everything just to please our landlord. Some of the landlords are arrogant, while others are very understanding to their tenants. Most of the problems facing tenants and landlords are about rent and sometimes it goes as far as disturbing neighbors. If you are a good tenant, who fulfils all your duties but still your landlord makes your life a living hell then you need to know the law that governs you or the law that governs your rights as a tenant. To be a tenant you have an obligation of paying rent according to the formality you have agreed on the lease contract making sure that you are taking care of the house without causing any unnecessary damage. The following are the rights which a tenant must know for they are the main source of problems that seem to arise between landlords and tenants by just looking at most of the cases that have been raised. • As long as the tenant pays rent and performs routine duties according to the
28 | The Darproperty - Dec 2014
contract entered and is able to fulfill express or implied conditions in the lease. The tenant has right to enjoy the property leased during the whole period of lease without any unlawful interruption from the lessor or any other person • Every tenant has the right to privacy. The landlord or landlady cannot access the leased premises every time without a genuine reason a landlord or landlady can only have access to your premises with a special notice or when a legitimate emergency happens such as a fire accident, theft and so on, otherwise it will be interference with privacy of the tenant.
any right to stop this service if you have paid and in case it happens you can write a complaining letter to him and if you do not get any response you have the right to ask for a legal assistance. These are the basic standard of habitation. Hence, it is a tenant’s right to be provided with such services.
• In case of any event of force majeure, such as an earthquake, floods, and volcanic eruptions and so on, the tenant has the right to vacate the premises to save himself or herself from harm. These are just few rights, which are the source of major problems between landlords and their tenants. The land Act 1999 under section 88 and 89 has provided for the rights and duties of both • If you are an annual tenant you have the the landlords and tenants. It is good to know right to be given a month notice in advance your rights so that you can defend yourself to vacate the premises with genuine reasons, and if the problem continues or you do not here is the part where some of the landlords get any response as landlord/landlady or do not take into consideration. You cannot tenant you can always seek professional just vacate a tenant when you feel like it. It is advice from a legal officer or an advocate time to vacate him or her unless you have a who is an expert in land matters. good reason of doing so, such as the tenant has breached the contract, he has turned into a nuisance to other tenants and so on. Written by: Esther Kisanji The author is an associate with ABC Attorney • As a tenant you have the right to be of IT Plaza 8th Floor, Dar es Salaam. For provided with utility services such as more articles, please visit www.abcattorneys. electricity, water and anything that comes co.tz email the author at info@abcattorneys. out of a pipe out depend on what you have co.tz agreed in the contract. A lease agreement should state how much service will be performed and if it will be covered by rent or if the tenant will be liable to pay for such service directly. The landlord will not have
The Darproperty - Dec 2014 | 29
REAL ESTATE The ABCs of REAL ESTATE MARKET Escrow an agreement between two or more parties providing that certain instruments or property be placed with a third part for safekeeping, pending the fulfillment or performance of a specified act or condition. Example The DEED to the property and the earnest money were both placed in escrow pending fulfillment of other conditions to the contract. Escrow account account where funds are held for safekeeping until needed, usually without interest; in real estate, an account that receives the funds needed for expenses the funds needed for expenses such as a property taxes, home owners insurance and mortgage insurance when they come due. Example a homebuyer must deposit $1,000 monthly for PITI. Of that amount $600 is for the lender’s principal and interest requirement. The remaining $400 is deposited into an escrow account held by the lender or servicer, to pay the insurance premium or property tax when it becomes due. Most lenders require that the escrow account always have a positive balance, and few pay interest on amounts the borrower has in the account. Escrow agent any person engaged in the business of receiving escrow for deposit or delivery. Example The title company is serving as the escrow agent. It holds the earnest money and deed, pending fulfillment of other condition to the contract. Escrow analysis a report, usually conducted at the completion of a calendar year, itemizing all expenditure from and contributions to an escrow account. Also included is a projection of the following year’s monthly payment amount required to reconcile any excess or deficiency in the account. Example. At the end of the year. Mr Homeowner receiver an escrow analysis indication that next year‘s monthly mortgage payments would increase by $35. Project taxes paid from the account had been larger than anticipated. The lender also gave Mr. Homeowner the option of making a lump- sum payment to the account to avoid the higher monthly payment Escrow payment part of the borrower’s monthly payment that goes into account (called escrow, impound, or trust) to pay property taxes and insurance when they are due. Example within a $2,000 payment for principal, interest, taxes and insurance $500 iv an escrow payment that is deposited with the lender or loan servicer. The money will be used to pay taxes and insurance premiums when the amount is due.
DAR ES SALAAM:22 2112515/6 • KARIAKOO:22 2184867 ARUSHA:27 2547317/8 • ZANZIBAR:24 2234660/1 • MWANZA:28 2541971/2
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price on request Plot for sale at Bunju - few meters o Bagamoyo road 0754 780 650 0789 331 255
sale 3,500/= Residential per meter square 4,000/= Commercial / Residential 0755 989 335 / 0755 044 766 / 0767565562 mli man i cit y
3,500/= Residential per meter square 4,000/= Commercial / Residential 0755 989 335 / 0755 044 766 / 0767565562 kis ara we
4 rooms, 4 bathrooms, 2500sqm 40 Metres from the main tarmac road, +255 713 467 660
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simply call 0767 200 202 classiďŹ eds@darproperty.net
KUNDUCHI VILLAS SALE Visiga - Kibaha Has Title Deed No.78310 8,907= SQM 0756 359529/0754 366531 0754 013550/ 0767 010854
SALE 15m 636SQM Gezaulole Temeke Municipality, 0715913814 / 0784913814
32 | The Darproperty - Dec 2014
SALE 12,000/=Tsh/m2 Plots for sale at Kigamboni, mwasonga-kichangani, 25km from ferry. (price are negotiable. 0717 992 455/ 0787 992 455/ 0767 992 455
kon gow e
gez aul ole
kib aha vis iga
+255 762 545 866 +255 684 425 142
sale 122m 3.05 Acre, Title deed no.78280 0767 010 854 / 0684 010 854
SALE 150,000 3 Bedroom, 2 Bathrooms behind Mzee wa Upako Church 0657 376496
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sale 50m 11/4 Acre 1 km from Morogoro rd. 0718 568 482 / 0758 325491
sale $1.5m 6989 sqmeter industrial plot Light Industrial area. +255 789 234041 | +255 713 853369
samsa real estate ltd “Where customer needs are fulfilled”
Make yourself at Home, Samsa Real Estates offers a personally inspected selection of privately owned, furnished accomodations for rent which includes everything quality, heritage stlyed homes to luxury downtown apartments.
FEATURES: Offices Fully furnished Swimming pool Modern kitchen appliances Fully equipped gym Air conditioning Standby generator Elevator 24hrs Ample parking DSTv connection High-end security & CCTV cameras 24 hour Management service
CONTACT US: +255 22 2181918. +255 22 2181941, +255 784 440272, sas007tz@yahoo.com Plot No. 84/36G Rashid Kawawa Road Opp. Biafra Play Ground Kinondoni
34 | The Darproperty - Dec 2014
The Darproperty - Dec 2014 | 35
COMPARING THE REAL ESTATE MARKET IN KENYA: Better to rent than buy. IN TANZANIA: Better to buy than rent.
36 | The Darproperty - Dec 2014
APOLOGY This article was published on previous edition with misplaced table (schedule) for the city of Nairobi. We apologize to the readers and user of that information for any inconvinience caused.
PRICE TO RENT RATIO AS ADVERTISED FOR A 4 (FOUR) BEDROOM PROPERTYIN SELECTED AREAS IN NAIROBI (2014)
NAME OF LOCATION Muthaiga Karen Westlands Parklands Kileleshwa Upperhill Kasarani Langata Gigiri
RENTAL PRICE (USD) SALE PRICE (USD) 3435 1132260 2501 638202 2848 599054 1386 534831 2434 404494 2331 365169 810 192921 2223 372006 3083 835955
P/R 27 21 17 32 13 13 19 13 22
COMMENT Much better to rent than buy Much better to rent than buy Typically better to rent than buy Much better to rent than buy Much better to buy than rent Much better to buy than rent Typically better to rent than buy Much better to buy than rent Much better to rent than buy
PRICE TO RENT RATIO AS ADVERTISED FOR A 4 (FOUR) BEDROOM PROPERTY IN SELECTED AREAS IN DSM (2014)
NAME OF LOCATION RENTAL PRICE (USD) SALE PRICE (USD) Masaki 5806 1000000 Oysterbay 5043 880000 Ada Estate 4500 700000 Msasani 3200 490000 Upanga 2434 600000 Mikocheni 1942 303333 Kawe 2470 350000 Mbezi Beach 1806 201268 Kijitonyama 577 70800 BENCHMARK On average, in most major western countries cities, the P/R ratio fluctuates between 15 and 25. Note When making the decision to rent or buy a home, it’s not enough to look at home prices and mortgage rates. You also need to look at rental rates for comparable properties to understand if it makes more economic sense to buy or rent on a long-term basis. One useful tool is the rent ratio, the ratio of the purchase price of a house divided by the annual rent of a similar home. The rent ratio mimics a flipped version of a metric used in evaluating stocks, the dividend yield. In the case of residential real estate, however, it’s the inverse, the stock price (home price) divided by the
P/R 14 14 12 13 14 13 11 9 7
COMMENT Much better to buy than rent Much better to buy than rent Much better to buy than rent Much better to buy than rent Much better to buy than rent Much better to buy than rent Much better to buy than rent Much better to buy than rent Much better to buy than rent
dividend (rent). The concept in play is that every asset has a fundamental value that equals the present value of its future payoff. For stocks, that payoff is its dividend. For a home, that future payoff is a roof over your head. The proxy used for the value of that is the rent one pays for a similar asset in the same market. Experts vary in their opinions as to where the rent ratio tipping point is, but most would agree that it is around 15-20. The higher the ratio, the more you would need a spike in housing prices in the coming years to justify the price you are paying today. So at those levels, it makes sense to
• Price-to-rent ratio of 16 to 20 = typically better the rent than buy
• Price-to-rent ratio of 1 to 15 = much better to buy than rent
Data gathered by: Yusuph Mhando.
• Price-to-rent ratio of 21 or more = much better to rent than buy Price to Rent ratio as Advertised for a 4 (four) Bedroom Propertyin selected Areas In NAIROBI (2014) consider renting. Conversely, if you have a ratio below 15, it may make sense to consider buying a home rather than renting at least from a purely financial perspective.
The Darproperty - Dec 2014 | 37
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38 | The Darproperty - Dec 2014
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The Darproperty - Dec 2014 | 41
SALE/LEASE/JOINT –VENTURE INITIATIVE.
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The Darproperty - Dec 2014 | 43
Real Estate Agents Directory in Tanzania
DAR ES SALAAM
ABLA ESTATE DEVELOPERS & AGENCY CO.LTD Mikocheni Opposite Shoppers Plaza P.O BOX 3810, Dar es Salaam Tel +255 22 2772506 E-mail: ablaestate@bol.co.tz
GIMCO ESTATE AGENCY LTD Samora Ave, NIC Investment Hse, P.O BOX 8382 Dar es salaam Tel +255 22 2120988 Mob +255-784 900041
PROPERTY CONSULTANCY & SERVICES LTD 2nd Floor Kevin House - Samora Avenue P.O BOX.7152 - Dar Es Salaam +255 22 2120402, +255 713 690 220 info@pcsltd.co.tz www.pcsltd.co.tz
GOLDBERG COMPANY LTD Real Estate & Mining Trade P.O. Box 22159 Dar es Salaam Old Bagamoyo Rd, Mikocheni B, 0715 270 517 / 0754 270 517 goldbergtz@gmail.com www. goldbergtz.com
PRESTIGE PROPERTIES Phone: +255-713-764-447/ 0767471293 Tel:+255-22-266-4373 Email:info@prestigeproperties.co.tz www.prestigeproperties.co.tz
HAMPTONS PROPERTIES TZ Haidery plaza - 1st oor upanga/kisutu street P.O.BOX 6547 DARESSALAAM hamptonspropertiestz@gmail.com, a_kito@yahoo.com 0654 204083/ 0784 323133
Tanganyika Estate Agents Village Walk, close to Sea Cliff Hotel +255 717 032 633 info@tzagents.com
NEW DAY PROPERTY AGENCY COMPANY Mwinyijuma Road - Kinondoni, Room no.84, UVCC Complex +255 753 645 434, +255 717 035 552 +255 767 575 758 www.facebook.com/ raymond samson Laizer
44 The DarProperty August 2014 44 | The Darproperty - Dec 2014
NIKUZE REAL ESTATE AGENCY Morogoro Road P.O Box 10032 Dar Es Salaam Tel: +255 789/754/715/ 363 800 Email: nikuze@nikuze.com www.nikuze.com PHOTO & CO.ESTATE Kahama Road/Msasani peninsula P.O BOX 105121 Dar es Salaam. 0786 962 444 Email; Octavianfocas@yahoo.com.
+255 755 181 222 www.bryanstonproperties.co.tz info@bryanstonproperties.co.tz
KEY REAL ESTATE SOLUTIONS Regent Chwaku North Ursino Tel: +255 22 2701674 0715 053 803, 0786 053 803, 0754 28 46 84 mariam@keyrealestatesolutionstz.com www.keyrealestatesolutionstz.com
MY BEACH Old Bagamoyo Rd. opp Yuasa auto impex P.O BOX 105200. Dar es Salaam Tel; +255 22 2701710
ARUSHA ARUSHA AWESOME HOMES AND PROPERTIES.
Shanti House, Plot 58 Block E Sokoine Road P. O. Box 249 Arusha, Tanzania. info@arushahomes.com www.arushahomes.com +255 754 337 899 / +255 786 337 899 HOMES & PROPERTY AGENCIES LTD Land Surveyors & Property Managers P. O.Box 10079 Arusha Boma Rd. Arusha 0787 805566 hopraltd@gmail.com TANGANYIKA ESTATE AGENTS
Shoprite Complex, +255 785 984 467 info@tzagents.com ZIPO HOMES
Rivergardens Business Park, Rm 4 P.O Box 20 Usa River, Arusha +255 787 474 580/+ 255 754 320 513 info@zipohomes.com www.zipohomes.com
MWANZA MWANZAESTATE Mwanzaestate.com +255 714 245 779 kisolimorris@hotmail.com
ZANZIBAR +255 756 960 960, +255 714 444 250, +255 752 444 606. ARUSHA +255 653 005 530, MWANZA +255 653 005 535, INFO@TZREALESTATE.CO.TZ TZREALESTATE.CO.TZ
TRELD COMPANY LTD P.O BOX 7656 Dar es Salaam Location Msasani Peninsular off toure drive +255 732 222 888, +255 716 777 999 treldestates@yahoo.com www.treld.co.tz
Zanzibar - properties.com Tel: +255 774 44 19 07 Hotel Marine - Malindi Zanzibar
ENHANCE YOUR VISIBILTY & CREDIBILITY GET LISTED HERE WITH YOUR LOGO Tshs. 48,500/= Monthly / Tshs. 500,000/= Annually +255 784 23 89 62, 0688 75 18 68 | sales@darproperty.net
PATRONS If your business keeps you so busy that you have no time for anything else, there must be something wrong, either with you or with your business.
ADVERTISERS
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PATRON PAGE NO AFRICAN VILLAGE ESTATE............................16
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AKIBA COMMERCIAL BANK.................. 18&19 AST................................................................24&25 ARDHI PLAN.......................................................5 ARUSHA AWESOME HOMES...................6 AXIS REAL ESTATE KENYA.............1,34,35
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BOA BANK TANZANIA...............................1 CES..............................................................39 CHOKOLE.......................................................... 43 CITY PLAN....................................................10&41 DAVIS & SHIRTLIF..............................................31
DAR ES SALAAM 022 2780517 0784 238 962 / 0713 751 868 sales@darproperty.net
DEGE ECO VILLAGE.....................................1&11 JAMII FORUMS............................................45 JJP INSURANCE........................................... 26 JV DEVELOPERS................................................7 KAFKAS GROUP..........................................3&48 KENYA VALUERS & ESTATE AGENTS...13,14,15 LIFEMATE..............................................................23 LONGONOTE GATE.........................................27 MASUMIN..........................................................30 MAWENI ECO VILLAGE..................................10 SAMSA..................................................................33 SPIK N SPAN........................................................42 STANBIC BANK.....................................................2 TANGANYIKA ESTATE AGENTS......................8,9 TATU CITY.........................................................17 TBS.......................................................................22 TEREX...................................................................31 REMAX..............................................................47 R.RWECHUNGURA.............................................42 VISION FURNITURE.............................................29 WASHAPAWA...................................................26
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The Darproperty - Dec 2014 | 47