The
June 2018
Featuring Properties from Tanzania & Kenya
www.darproperty.net
East Africa’s Ultimate Property Guide
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Issue No 62 | ISSN 1821-7753
The Darproperty - June 2018| 1 The Darproperty - August 2015 | 1
Advertorial
Elevator: The Salient amenity in a Property
QWM Properties Limited is a property development and services company. In 2016 it was appointed sole Authorized Distributor in Tanzania for Kone Elevators of Finland. In this interview QWM’s Head of Business Development, Qasim Meghjee, speaks to DarProperty Magazine about choices in lifts. What advice would you give someone when it comes to putting lifts & escalators in buildings? The first thing I would say is that is it important to think clearly about why we are putting lifts and/or escalators into buildings from when the building is in its design stage. These are large and expensive pieces of equipment and they should serve as a tool to help the users of the building move around and conduct their business efficiently and easily. However, too frequently in Tanzania lifts have very long wait times and cause a lot of frustration for users. From a developer’s perspective, this means lower customer satisfaction and productivity. So, the first point to consider should always be the number of lifts required and their capacity and functionality, depending on the usage profile. Some buildings require a few big lifts in the center of the building; others require a higher number of smaller lifts in strategic locations to ease specific points of traffic congregation. Thinking about these selections and making them correctly at the beginning will ensure the building has smooth movement of 6 | The Darproperty - June 2018
people, and that will help maintain the long term financial value of the project. To this end, I would strongly encourage early conversations with suppliers from a design stage, so that we can work together to make sure the building is appropriately served by the equipment being proposed. Ok, that relates to the design of the building; what about the lifts themselves? When it comes to the lifts themselves; there are a few technical points to consider. The key question will be size and carrying capacity. This starts with the question: how many people does the lift need to carry at one time? Alternatively if it’s a cargo lift, then how much cargo will it need to carry? From this, we can work out what the right cabin size and rated load (carrying capacity) should be. This just makes sure that the lift does not get overloaded and overworked; this is not only unsafe, but reduces the service life of the equipment. Another common question relates to MachineRoom (MR) or Machine-Room Less (MRL) lifts. For most equipment suppliers the MR vs MRL question is simply one of the preference of the client. Both types are tried and tested technologies, which function very well.
Developers often prefer MRL as this saves space and can reduce construction costs. However, MR lifts are often appropriate, particularly in replacements when there is an existing machine room already constructed. From there, there are other special considerations to make from a technical side such as: heavy duty doors, simplex or duplex control systems, anti-vandalism button, access controls etc. Finally, it is important to consider any specific safety code requirements, such as fire-rating and other compliance specifications. Once we have the building designed and the lift specifications; how do we then differentiate between different lift suppliers / manufacturers? Broadly, there are three main areas where suppliers can be differentiated. The first one is on safety code compliance. Most major global elevator companies are compliant to the European Safety Codes – called the EN 81 Standards. Other suppliers are compliant to safety standard from their relevant jurisdictions. It is important that this is clear when making
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procurement decisions. Secondly, lift manufacturers also differ on quality and design of the equipment. This is for both the internal equipment which a passenger doesn’t see (such as components, machines, control panels, electrification etc), as well as the features they do see (such as buttons, the interior of the car etc). Selecting a well designed and built lift, with desirable interior decoration will help ensure that the equipment works and looks the part for the long term. Thirdly, manufacturers differ on price. As is generally the case in any equipment sector, the more you spend, the higher the quality you should expect. On pricing generally, we would advise that consideration is given not just to the upfront cost, but also the maintenance spend and replacement cost. With a higher quality equipment, there is generally higher upfront costs, but less maintenance and operational costs, and a longer life expectancy of the product means the building can operate without replacing the lift for a longer period. Tell us about Kone and the collaboration with your company Kone is one of the world’s leading Lift, Escalator and Door manufacturers. It is based in Finland and has been in operation since 1910, ranking consistently in the top five global suppliers annually. Its stated mission is to Improve the Flow of Urban Life. Kone have been active in Tanzania for many years through its Kenya Office. In order to expand its offering and maintain a dedicated presence in Tanzania, they 8 | The Darproperty - June 2018
partnered with us first as Sales Agents, and then as their Authorized Distributor for Tanzania from 2016. We aim to provide our customers with value for money over the long term; by selling a high quality, European Safety Code Compliant product followed by best-inclass After Sales and Maintenance Support. We can also provide maintenance for any major global lift brand, and have access to original spares through Kone’s Global Spares Supply systems. We believe in selling customers a great product at a fair price, rather than a fair product at a great price. What are your key priorities when delivering a product to a customer? Our first priority is always Safety. Once safety is accounted for, we look to excel on Quality, Longevity & Price. Our focus is to deliver long term value, rather than just the lowest price today. Whenever you buy a product such as a lift, you entrust the safety and wellbeing of your customers and tenants to the equipment supplier. This is a responsibility we take very seriously. Therefore, our first priorities are always safety and quality; towards which we take a proudly uncompromising stance. As part of our partnership, Kone conducts regular systematic audits and consultations of our quality and safety management processes, to ensure compliance to the highest global standards. What are the key concerns you come across when speaking with customers? As an industry, lift companies have guarded
our technical knowledge fiercely and therefore we have failed to educate our partners and fellow professionals on how to make the right choices when thinking about lifts in their buildings. This causes everyone to suffer as buildings frequently have issues with their lifts. This can be counteracted by better advice from lift companies at early stages of the design process. We aim actively to educate our customers on the options available and welcome anyone who is looking at developing a building to work with us on conducting a traffic analysis to ensure the right number and size of lifts are planned for in the design stages. Finally, what is your view on the real estate market in Dar-es-Salaam; and how do practitioners of various types adapt to the current climate? Well, clearly the market is changing in certain segments at present. This is a common occurrence across history, as all progress and development can have challenges and difficult periods. I am an optimist however, and, in the long term, I have no doubt things will settle. The key for business people, investors and practitioners of all sectors is to focus not on making money in the short term, but on creating value in the long term for our customers, ourselves, our economy and our nation. We can create value by developing good quality projects, which will last for many years and deliver value for money to our stakeholders.
These 12 Habits Will Help You Reach Financial Freedom
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chieving financial freedom is a goal for most people. Yet, too many of them fail to reach that goal. The following are twelve key habits that help pave the way. 1. Set Life Goals A general desire for “financial freedom” is too vague of a goal. What does it mean to you? Write down how much you should have in your bank account, what the lifestyle entails and at what age this should be achieved. The more specific your goals, the higher the likelihood of achieving them. Then, count backwards to the current age and establish financial mileposts at regular intervals. Write it all down neatly, and put the goal sheet at the very beginning of your financial binder. 12 | The Darproperty - June 2018
2. Make a Budget Making a monthly household budget and sticking to it, is the best way to guarantee all bills are paid and savings are on track. It is also a monthly routine that reinforces your goals and bolsters resolve against the temptation to splurge. 3. Pay Off Credit Cards in Full Credit cards and similar high-interest consumer loans are toxic to wealthbuilding. Make it a point to pay off the full balance each month.. Student loans, mortgages and similar loans typically have much lower interest rates, making them less of an emergency to pay off. 4. Create Automatic Savings Pay yourself first. Enroll in your employer’s retirement plan and make full use of any
matching contribution benefit. It is also wise to have an automatic withdrawal for an emergency fund that can be tapped for unexpected expenses and an automatic contribution to a brokerage account or similar account. Ideally, the money should be pulled the same day you receive your paycheck so it never even touches your hands, avoiding temptation entirely. However, keep in mind that the recommended amount to save is highly debated; and in some cases, the feasibility of such a fund is also in question. For more on this, see Why Emergency Funds are a Bad Idea. 5. Ignore the Joneses A braggart neighbor showing off a new car or his latest smartphone is no reason to do the same. Smile politely, nod, and take
comfort knowing your reward is coming tenfold in the future. 6. Watch the Credit A person’s credit history determines what rate is offered when buying a new car or refinancing a home. It also impacts seemingly unrelated things, such as car insurance and life insurance premiums. The reasoning is a person with reckless financial habits is also likely to be reckless in other aspects of life such as driving and drinking. This is why it is important to get a credit report at regular intervals to make sure there are no erroneous black marks ruining your good name. 7. Negotiate Many Africans are hesitant to negotiate for goods and services, worrying it makes them seem cheap. Overcome this cultural handicap and you could save thousands each year. Small businesses, in particular, tend to be open to negotiation, where buying in bulk or repeat business can open the door to good discounts.
8. Continuous Education Review all applicable changes in the tax laws each year to ensure all adjustments and deductions are maximized. Keep up with financial news and developments in the stock market, and do not hesitate to adjust your investment portfolio accordingly. Knowledge is also the best defense against those who prey on unsophisticated investors to turn a quick buck. 9. Proper Maintenance Taking good care of property makes everything from cars and lawn mowers to shoes and clothes last longer. Since the cost of maintenance is a fraction of the cost of replacement, it is an investment not to be missed. 10. Live Below Your Means Mastering a frugal lifestyle by having a mindset of living life to the fullest with less is not so hard. In fact, many wealthy individuals developed a habit of living below their means before rising to affluence. Now, this isn’t a challenge to adopt a minimalist
lifestyle nor a call to action to head to the dumpster with things you’ve hoarded over the years. Just making small adjustments by distinguishing between things you need rather than things you want is a financially helpful and healthy habit to put into practice. 11. Get a Financial Advisor Once you’ve gotten to a point where you are able to discern if you’ve amassed a decent amount of wealth, be it liquid investments, or assets that are tangible but aren’t as readily available to convert to cash, getting a financial advisor to educate and help you make decisions is highly suggested. 12. Exercise and Eat Right The principle of proper maintenance also applies to the body. Some companies have limited sick days, making it a notable loss of income once those days are used up. Obesity and ailments make insurance premiums skyrocket, and poor health may force earlier retirement with lower monthly income. The Darproperty - June 2018| 13 The Darproperty - August 2015 | 13
IF YOU WANT A PROPERTY MANAGER, GO FOR A PROFESSIONAL
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ware of the acute accommodation shortage in public universities, Ms Priscilla Mwangi decided to invest in a hostel in Gwa-Kairu in Ruiru, Kiambu County, in 2008. But after eight months of juggling between managing it and overseeing the construction of another hostel, she was overwhelmed. “The work was becoming too hectic. Students need a lot of attention since they have diverse needs. I realised I needed a property manager, so I hired one,” says Ms Mwangi. However, in less than two months, the number of tenants started declining; in fact, some rooms would remain vacant for months. Her efforts to find out what the problem was from the manager yielded nothing. Since that had never happened under her watch, she believed the problem had to do with the manager, so she fired the manager. “I hired another manager and things started improving but after about a month, they took a turn for the worse,” says Ms Mwangi. Upon investigating to establish the cause of the problem, Ms Mwangi learnt that both property managers had been irresponsible; cleaning was done irregularly, and they gave female tenants preferential treatment. “One of the students told me that pretty girls rarely ever got into trouble for playing loud music, unlike the not-so-beautiful girls and the men,” she says.
20 | The Darproperty - June 2018
But with a second project ongoing, she still needed a manager for her hostel. “This time I hired someone I trusted, and a woman for a change. She has managed the property since then and the results are remarkable,” Ms Mwangi says. GOVERNED BY LAW Ms Mwangi’s experience is not unusual. Cases of unscrupulous property managers disappearing with monthly rental collections, cutting corners to make some money on the side or mistreating tenants are common. This has led to the rise of professional property management agencies. “For landlords who are busy and have little experience in property management, it can be disastrous to hand their assets to a third party, especially if the individual does not live up to the landlord’s expectations,” says Ms Dorothy Wanjiru, a property management agent based in Ruiru. Ms Wanjiru says that house owners should place their assets in the hands of a reputable company that knows how to go about the business and can follow up in case a tenant becomes troublesome. “For instance, property management agencies are familiar with the prevailing market trends, so they can advise landlords on what to charge to avoid their houses remaining vacant for long,” says Ms Wanjiru, adding that it is important to screen tenants thoroughly to avoid potentially troublesome ones.
Mr Benjamin Musau, a property lawyer, says it’s paramount to understand the relationship between the landlord, property manager and the tenant. “The relationship between the three is a contractual one that comes as a result of an agreement between the landlord and the tenant. This agreement is governed by the law of contract,” he offers. He says engaging property managers without running a comprehensive background search on them is a big mistake. In cases of uncouth behaviour like demanding tips from tenants for preferential treatment, the law is clear: bribery is an offence under the Bribery Act in Chapter Six of the Constitution,” he says, adding, “A person commits the offence of giving a bribe if the person offers, promises or gives a financial or other advantage to another person who knows or believes the acceptance of the financial or other advantage would itself constitute the improper performance of relevant function or activity.” Mr Musau says that tenants who are subjected to such treatment should not suffer in silence but should raise the issue with the landlord. And landlords with irresponsible property managers should report them to the nearest police stations since failure to do so can lead to claims for damages for breach of contract by the tenant. By STELLA WAGA
Mkombozi Commercial Bank Plc Becomes the 16th TMRC Shareholder Mkombozi Commercial Bank Plc (MKCB) has invested TZS 500 million in Tanzania Mortgage Refinance Company Limited (TMRC) taking a 1.67% equity stake in the company. Other TMRC shareholders include CRDB Bank Plc., NMB Plc., TIB Development Bank, NBC Bank, Exim Bank, Azania Bank, DCB Commercial Bank Plc., BancABC, NIC Bank, Bank of Africa Tanzania (BOA), The Peoples Bank of Zanzibar (PBZ), I&M Bank, National Housing Corporation (NHC), Shelter Afrique and First Housing Finance Tanzania Limited (FHF)
About TMRC TMRC is a specialized private sector financial Institution that provides long-term funding to financial institutions for the purposes of mortgage lending. It has the objective of supporting financial institutions to do mortgage lending by refinancing Primary Mortgage Lenders' (PMLs') mortgage portfolios. This type of lending is also known as wholesale or secondary market lending. TMRC is neither taking deposits nor lending directly to individuals. It refinances mortgage loan portfolios rather than individuals mortgage loans and caters to banks rather than individual borrowers.
About MKCB Mkombozi Commercial Bank Plc (MKCB) started as an initiative of the Tanzania Episcopal Conference (TEC) in 2009 to establish a Commercial Bank with the main objective of serving and supporting the emerging Tanzanian businesses for provision of financial services. MKCB Plc’s target markets are individuals, small and medium sized enterprises, social enterprises (schools, hospitals, universities) and Institutions. MCKB Plc a fast growing Bank has (6) branches; three are located in Dar es Salaam (St Joseph, Msimbazi and Kariakoo) and other three one in each of Mwanza, Kagera (Bukoba) and Kilimanjaro (Moshi) regions. The Bank has further (2) financial services centers located in Tegeta, Dar es Salaam and Morogoro.
rEal EStatE the aBCs of rEal EStatE marKEt radius Clause: in a shopping centre tenant’s lease, a provision that prevents the tenant from opening another store within a certain distance from the shopping center, which would reduce traffic to the existing store and to the shopping center. Especially important from anchor tenant but also used for ANCILLARY TENANTS. Example: A five-mile radius clause in its lease prevented an upscale national jewelry store from opening another outlet in a nearby mall. Escape Clause: a provision in a contract that allows one or more of the parties to cancel all or part of the contract if certain events or situations do or do not happen. Example: Mary agrees to buy Joel’s house for $100,000; the CONTRACT SALE includes an escape clause that allows Mary to cancel the contract if she cannot obtain approval for a mortgage loan of $80,000 within 60 days. listing agreement: a written engagement CONTRACT between a principal and an AGENT, authorizing the agent to perform services for the principal involving the latter’s property. Zoning: a large mechanism for local government to regulate the use of privately owned Real Property by specific application of POLICE POWER to prevent conflicting land uses and promote orderly development. All privately owned land within the jurisdiction is placed within designated zones that limit the type and intensity of development permitted. Example: Before a TRACT of land may be development, the intended use must be permitted under the existing zoning classification. If the proposed use is not permitted, the developer must apply for an amendment to the zoning ordinance, or for rezoning. Such amendments are granted by the local government body, generally following a public hearing and recommendation from the PLANNING COMMISSION. Condominium: a system of ownership of individual units in a multiunit structure, combined with joint ownership of commonly used property (sidewalks, hallways, hallways, stairs, etc) apartment: (Building) a dwelling unit within a multifamily structure, generally provided as rental housing. An apartment building is a structure with individual apartment units but a common entrance and hallway. Example: Apartment may vary in size from small, 1- room efficiencies to large, multibedroom units. Apartment buildings may range from a 1 – story, 4- unit building to a high- rise building with hundreds of units and retail and office space included.
Budgetary Insights to Spur Development of Real Estate
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he booming of the construction sector signals that all is well with the economy while its sluggishness would suggest the opposite. By its nature, the construction sector is wide and includes activities happening in the real estate, infrastructure projects such as roads, ports etc. For the sake of today’s discussion, we will focus on activities happening in the real estate sector as well as exploring some insights on how the sector could benefit as the government recent pronouncements requiring it to contribute more in the government coffers through enhanced collections of property tax. Across the globe, the property tax forms an important source of government or rather local government revenues. In the context of Tanzania, this tax is now positioning itself as an important mainstream source of government revenue to finance the national budget that trickles down to the local government as well. While this could be something that make property owners think they will have to dig further into their pockets to settle their tax dues, I would say this is good news to the sector.
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Homeowners and developers should now sit down and relax as the government’s decision to elevate the property tax as part of reliable revenue sources to finance the national budget means it will now do all what it takes to develop the sector. In the end, the biggest beneficiaries of this decision by the government to levy property tax on all commercial and residential building will be existing and prospective developers and homeowners. Despite the fact that at this stage it may not be easy to establish a precise number of commercial and residential buildings in the country, the last National Census (2012) sheds light on this as it reported that there over nine million homes in the country. Out of these, not all houses will fall in the property tax net as some are located in rural area where such tax may not apply. In addition, for sure three million homes may be exempt too due to the fact that they have been built of mud and thatched by grass. Despite these mixed details on eligibility of houses for property taxes purposes, property tax is a strong and sustainable
tax base that needs to be developed to ensure it is well developed and contributes towards national development. There are various budgetary and non-budgetary initiatives that can be employed to ensure a thriving real estate sector both in rural and urban areas. Nonbudgetary measure include expediting the establishing a fully fledged institution to be charged with developing the real estate sector while budgetary measures will set aside enough resources for land development including putting the necessary roads, electricity and water infrastructure. As housing forms a key part of the real estate sector, budgetary measures to be taken should go further to support home buyers through various fiscal incentives to enhance housing affordability. Looking at the size of real estate sector in the country, one may think that the issue of having a fully fledged institution that deals with promoting the development of the sector is long overdue.
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While I commend government ongoing initiatives to enact the law to that effect, I would suggest that the law being enacted should take the direction of enabling the proposed institution to be a promoter of the sector that will speed up its growth rather than regulating itby imposing additional regulatory measures on the sector. The sector is already having a number of indirect regulators influencing its activities and therefore harmonising existing and proposed regulatory measures may help to reduce both the compliance as well as the regulatory burden to sector. Buildings built on unsurveyed land not only deny owner sthe opportunity to use their properties for more economic advancement but also reduces the value of properties. This also reduces the earning potential of the government as low value properties provide a narrower tax base. Budgetary initiatives that seek to expand ongoing measures to formalize informal settlements and surveying land in urban areas and villages will work to the advantage of both citizens and the government. It is encouraging that the Ministry of Lands, Housing and Human Settlement is committed to ensuring that this happens and has actually started this noble task. The ministerial initiative announced during the FY 2017/2018 Budget Proposal to reduce the premium paid on surveyed land is a clear testimony that there is a light at the end of the tunnel indicating the cost of owning surveyed land will ultimately go down. This initiative went hand in hand with a the Presidential directive that developers should
38 | The Darproperty - June 2018
not shoulder costs of developing roads, water and electricity infrastructure as experience shows that when they incur these costs the same are recovered from sale of houses, a fact that make prices of such houses too expensive for a common man. While we commend this initiative, it is high time that funds are set aside both at national and municipal or district council level to develop roads, electricity and water infrastructure to support Greenfield development. It goes without saying that the surveying of plots alone without putting the needed infrastructure not only reduces the value of new development but also make life difficult for the people living in these areas and ultimately erodes on the future government tax base. In connection with this, it is important that the budget is also used as a tool for expansionary fiscal measures that ultimately make the housing sector reasonably vibrant. This argument is based on the importance of this sector both as a provider of homes for the people but also considering its multiple linkages with other sectors of the economy including its linkage with related industries such as the steel, cement and construction materials. Stimulating the housing sector can take different forms including providing tax incentives to people who buy homes under mortgage arrangement by exempting income tax on the amount paid as installment to service the mortgage loans. This can be done in the same manner that is done where a tax relief is provided to amount deducted for contribution to
approved pension funds by not subjecting this amount to employment income tax. In the short run, this measure will have the effect of enhancing the affordability of housing loans hence making more people able to buy homes. Consequently, this can broaden the market for housing products hence creating a vibrant housing market. The vibrancy in the housing market will increase the supply of houses and hence play an instrumental role in broadening the property tax base from where the government can get more revenue to finance its various budgetary obligations. In conclusion, as the government takes more steps to broaden its tax base , it is poised to get more in tax revenue from property taxes. Going forward, fiscal measures to enhance the affordability of housing products and efforts to establish an institution to spearhead the development of the sector need to be expedited to spur more growth of the sector and to sustain property tax as a revenue source. BY FRED MSEMWA
Dr Fred Msemwa is CEO of Watumishi Housing Company REIT responsible for management of collective investment schemes and provision of affordable homes in Tanzania: fredmsemwa@Â yahoo.com
LET YOUR ROOF TELL A STORY In African civilization, a home is far more than just a beautiful house; we derive our pride from owning one. Despite this being the case, homes need reliable roofs; enabling families and generations to witness memorable events under the same roof.
The Ross Roof Group has been involved in roofing industry since 1942 with remarkable marketing experience in over 80 countries; making Ross Group a global leader in providing roofing solutions. Tilcor roofs are manufactured from New Zealand using natural materials made up of Zinc and Aluminum minerals. Tilcor roofs have proven to withstand some of the extremely harsh climatic conditions around the globe. Fabricated from Zincalume protected steel with textured finish, giving added protection embedding natural stone granules in an acrylic base coat. Available in wide range of profiles; Antica, Classic, Bond, Shake, Tudor and Royal catering for all types of construction particularly residential. Tilcor provide clients freedom of choice having wide range of colour selection 40 | The Darproperty - June 2018
useful in enhancing exterior colour scheme suitable for both modern and traditional homes. Having wide range of benefits from being lightweight, versatile and easy to install to ISO 9001 accredited; which justify that Tilcor meets global standards. Not only does Tilcor safeguards client’s investment, it also ascertains complete peace of mind backed by a comprehensive 50 years warranty. International test reports, appraisals and field results confirm that Tilcor roofs are 100% water proof, fire resistant, UV resistant and attributed with capacity to withstand strong winds such as hurricanes of up to 190Kph. Decisively, Tilcor brings a roofing solution that lasts a lifetime. A roof that has seen generations bonding together in a happy home with complete peace of mind and certainty. Tilcor positions itself as a partner you can always rely on when it comes to roofing solutions. Tilcor roofs are officially distributed by Imports International (T) Ltd.
Press Release
TMRC AND CAHF WORK TOGETHER TO DEEPEN UNDERSTANDING OF HOUSING FINANCE IN TANZANIA 19 March 2018 The Tanzania Mortgage Refinance Company Limited (TMRC) and the Centre for Affordable Housing Finance in Africa (CAHF) jointly committed to deepening understanding of the housing finance market in Africa, and in Tanzania in particular, through the signing of a Memorandum of Understanding (MoU) on future cooperation, this week. Both organisations have committed themselves to cooperate in applying their knowledge to advance public and private initiatives to increase access to housing finance, especially to the lower and middle income housing market, and to improve the functioning of the housing market in Tanzania. The focus of this partnership is specifically on Tanzania. TMRC’s focus is limited to Tanzania and CAHF has identified Tanzania as a priority country in terms of its three-year strategy which extends to 2021. A key strategic focus area for both CAHF and TMRC is to develop data platforms and analytical frameworks to enable effective, data-driven policy and decision-making in support of affordable housing markets in Tanzania. The strategic intent of the partnership between TMRC and CAHF is to collaborate in support of effective, data-driven policy and decision-making in Tanzania’s housing market. This will involve the sharing of data and methodologies, as well as the joint commissioning of research and analysis, on the role of housing in the Tanzanian economy, the functioning of Tanzanian property markets, the performance of Tanzania’s mortgage market, as well as other issues to be explored in the course of the partnership. 42 | The Darproperty - June 2018
In signing the agreement, Mr Oscar Mgaya, the Chief Executive of TMRC, outlined that the collaboration would begin with four initiatives: • Data exchange towards the mutual development of databases to support analytics for the development of Tanzania’s mortgage market • Building a Housing Economic Model for Tanzania (or for a specific State or city as a first step) • Mortgage market analysis: data analysis to assess mortgage access, performance and profitability in Tanzania. Over the course of the collaboration, additional initiatives may also be identified. Both TMRC and CAHF recognise the mutual advantages of collaboration with each other and with the broader network of organisations operating in Africa’s housing sector, given their overlapping objectives and programmes. This MoU represents one of several such partnerships in which both TMRC and CAHF contribute to and facilitates joint initiatives and shared learning opportunities in areas of mutual interest.
TANZANIA MORTGAGE REFINANCE COMPANY LIMITED (TMRC) http://www.tmrc.co.tz Tanzania Mortgage Refinance Company Limited (TMRC) is a specialized private sector financial Institution that provides long-term funding to financial institutions for the purposes of mortgage lending. It has the objective of supporting financial institutions to do mortgage lending by refinancing Primary Mortgage Lenders' (PMLs') mortgage portfolios. This type of lending is also known as wholesale or secondary market lending. TMRC is neither taking deposits nor lending directly to individuals. It refinances mortgage loan portfolios rather than extending mortgage loans to individuals and caters to banks rather than individual borrowers.
TANZANIA MORTGAGE REFINANCE COMPANY LIMITED (TMRC) http://www.tmrc.co.tz TMRC’s Vision is to become the preferred secondary market intermediate for mortgage financing in Tanzania. Its Mission is to expand home ownership in Tanzania by providing long term financing to primary mortgage lenders. TMRC motto is “home ownership through financial intermediation” guided with its Core Values of Teamwork, Integrity, Passion and Efficiency. TMRC is committed to improving the state of market intelligence for Tanzania’s mortgage market, and as such is working hard to promote data and information in cooperation with the Bank of Tanzania. As the TMRC works with its members in the development of Tanzania’s mortgage market, it is championing and collecting, relevant and timely data on Tanzania’s housing sector. TMRC is a central player in Tanzania’s growing housing sector, working with both lenders and developers to address the gaps in the housing value chain. THE CENTRE FOR AFFORDABLE HOUSING FINANCE IN AFRICA (CAHF) http://housingfinanceafrica.org The Centre for Affordable Housing Finance in Africa is a not-for-profit company with a vision for an enabled affordable housing finance system in countries throughout Africa, where governments, business, and advocates work together to provide a wide range of housing options accessible to all. CAHF’s mission is to make Africa’s housing finance markets work, with special attention on access to housing finance for the poor. CAHF pursues this mission through the dissemination of research and market intelligence, supporting cross-sector collaborations and a market-based approach. The overall goal of CAHF’s work is to see an increase of investment in affordable housing and housing finance throughout Africa: more players and better products, with a specific focus on the poor.
CAHF’s work covers four main areas: (1) understanding housing markets, (2) monitoring housing sector performance, (3) exploring innovation in housing finance, and (4) supporting housing finance market development. As part of this approach, CAHF regularly undertakes and commissions research; develops market intelligence on country and regional housing markets; hosts forums, strategy discussions, and workshops; and participates in local and international conferences and debates on housing finance. Since its formation, CAHF has come to be known as the most comprehensive and up to date source of information on housing finance in Africa. Its research and other material is regularly used by investors, lenders, pension funds, and other financiers; legal practitioners, researchers and academics; policy makers and other housing finance practitioners to scope and pursue the opportunities for extending access to housing finance across Africa. As a thought leader in the sector, CAHF is a respected advocate for financial inclusion in housing finance in Africa. CAHF’s work is supported by FSD Africa and UKaid, the French Development Agency, the South African National Treasury and other funders. A key area of CAHF’s work is its Citymark programme. Primarily focused on South Africa at this stage, Citymark takes deeds registry data framed as indicators at the neighbourhood level and considers market size, value, activity and performance on a segmented basis that highlights affordable housing in particular. The programme offers its analysis through a business intelligence platform that policy makers and housing sector practitioners use to explore local level property market activity. More broadly, CAHF is actively engaged in the collection, analysis and sharing of data that promotes investment in affordable housing across Africa. All of this is available on CAHF’s website: www.housingfinanceafrica.org. The Darproperty - June 2018| 43 The Darproperty - August 2015 | 43
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Plot for rent Tanga Well fenced more than 30 acres plot at kasela. 0754 324064 0754 529 829
RENT 15,000/= T.sh
Plot For Sale Plot No. 245 Block 14sqm 1231 and Plot no 246 Block 14sqm at Kigamboni Mwongozo area, Near the Ocean. 2 Plots Available in one area,
0712 459 065, 0783 104 693
RENT 1,000 USD Apartment for rent ,3bedrooms,sitting room dinning and kitchen located at Mikocheni B 0716 145 025
AM BO N KIG
MIK OC
KIG
TAN
AM
GA
BO
HEN
NI
I
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Beautiful 5 bedroom house for rent with Swimming pool, generator and large car parking space 0716 998 864
SALE TZS. 23,000 @SQM On the way to Ndoto Polepole farm, beautiful serene 30 by 30 square meter plots, 3 plots available for sale +255 786 011 755 or 763 011 755
BA G
GO
MA
ILA
LA
SAK
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BA ,M
BEZ
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Salasala. 3,100m2 +255 768 633 087 / +255 782 499 993
SALE TSHS 800m Big compound with big go-down capable of up to 20 containers, 3 phase electricity, DAWASCO connection, 2 bedroom house fully kitchen, dinning room and 4 bedroom servant quarter 0688 210 891/ 0758 210 891
OD YO
SALE $ 1.5m SALE TSH 550m
IJI
EZI MB
MB
MA
EZI
SAK
I
-SA
BEA
LAS
CH
ALA
Plot for sale located at Kimbiji Moris, 43 km from ferry, 230m from kimbiji beach, Area 3.3 acres. 0787 992 455/ 0714 633 499/ 0715 283 803
KIB AD A-K
SALE $177,000.
ON REQUEST
Bagamoyo Town near by Millenium Hotel and College of Arts, 250 meters from Bagamoyo Bus Stand, 0624 116 018/ 0758 266 860
Bu yu
FOR SALE 0R RENT
Located in Segerea Tabata +255 742 145 314
BA GA MO YO
SEG
ERE A
-T AB ATA
BA GA MO YO TOW N
simply call 0767 200 202 classifieds@darproperty.net
Sale 30,000,000 TZS Plot For Sale, Kigamboni, Dar Es Salaam 2km from Kigamboni bridge 5km from ferry 0784238962
BUY
SELL
RENT
MORTGAGE
4 bedrooms Fully furnished Area: Bugando
5 bedrooms Ample parking Area: Bwiru
2 bedrooms 3 bedrooms Furnished/partial Furnished Area: Capri point Area:Capripoint
2 bedrooms Security guard Area: Bwiru
3 bedrooms Lake view Area: Bwiru
6 bedrooms Swimming pool Area: Bwiru
3 bedrooms Furnished Area: Isamilo
3 bedrooms Hot water Area: Bwiru B
3 bedrooms Hot water Area: Bwiru
3 bedrooms Furnished Area: Isamilo
3 bedrooms Near Airport Area: Ilemela
3 bedrooms Fully furnished Area: Greenview
Freefloor office Sqm: 100 Area: Mwaloni
MRG Real Estate | 10378 Mwanza, Nganza - Nyegezi | +255 714 245 779 / +255 767 245779
info@mrgrealestate.co.tz | www.mrgrealestate.co.tz
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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 AUSTIN PROPERTIES LIMITED Mwai kibaki rd P.O. Box 19021 DSM +255 715 686 051 anoranthony84@gmail.com CHINESE PROPERTY AGENT TRANSLATOR Msasani Road, Masaki English Chinese Translator Dealing with your chinese client sms 0756 50 11 37 giraffe_007@163.com
GIMCO ESTATE AGENCY LTD Samora Ave, NIC Investment Hse, P.O BOX 8382 Dar es salaam Tel +255 22 2120988 Mob +255-784 900041
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
48 the DarProperty August 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. 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 PRESTIGE PROPERTIES Phone: +255-713-764-447/ 0767471293 Tel:+255-22-266-4373 Email:info@prestigeproperties.co.tz www.prestigeproperties.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
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
TANGANYIKA ESTATE AGENTS Sea Cliff Village (next to Sea Cliff Hotel) Plot 532, Toure Drive +255 742 074 262 info@tzagents.com 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
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 Zanzibar - properties.com Tel: +255 774 44 19 07 Hotel Marine - Malindi 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
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 Publisher
Darproperty Tanzania
ADVERTISERS
Editor In Chief
Larson Chumi
editor@darproperty.net
Business Development & Products
Abdallah Mugasa Designs & Layouts
Dennis Maunga Mussa Khamis
INDEX
If you like what you are reading Buy from our Advertisers, remember to mention you saw thei Advert in this magazine
dennis@darproperty.net
Marketing & Sales
Michael Francis
PATRON ABLA
michael@darproperty.net
APARTMENT.........................................................9
Distribution
BANK OF AFRICA.................................................1
Boniface Metta Online Content Manager
Mbwana Mbura Aloyce Philipo
Finance Administration Manager Ismail Mutanda Public Relation Officer Elizabeth Sanawa Accounts Executives Grey Mateni Moreen Mrema Lucynancy John Office Assistant.
Brigita Laurance Anorld Manda Regulatory & Legal Advisors
BY BLOCK.............................................................5 CHINA GOLD LTD...............................................39 DAR SOUTH CITY................................................45 DECOSTONE.......................................................15 DREAM GLORY......................................................2 EASY TRACK SOLUTIONS...................................51 ECO BOX..............................................................4 GODWONSF........................................................17 HANSON DOORS................................................29 KUNDUCHI BEACH.........................................24,25 MEANMYKE HOUSE............................................10
ABC Attorneys
MRG....................................................................46
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
NASRA TOWER...................................................19
Distribution Should you have problems in obtaining copies of DarProperty Magazine, please contact
SIKA (NABAKI AFRICA).....................................52
+255 713 888 036 +255 717 270 791
For Comments, Complains & Compliments pr@darproperty.net Country Director - Kenya Xavier Nanchengwa Disclaimer
PRIDE TANZANIA...............................................39 QWM PROPERTY...................................................7 SEA PEARL VILLAS..............................................11 SUN SHARE...........................................................3 TANGA CEMENT ..................................................1 TILCOR................................................................40 TMRC.............................................................42,43 TPA.............................................................1,26,27 VILLAS................................................................41
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
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