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Tips For Buying Luxury Real Estate T
here is not one design, style or size that embodies a luxury home. It could be a sprawling 15,000-squarefoot French manor set on several rolling acres, or it could be a 4,000-square-foot contemporary home nestled into the side of a mountain. Although it’s difficult to quantify exactly what luxury means, most buyers think they know it when they see it.
the foreclosure crisis. The U.S. is not the only place seeing bitg sales of luxury homes. Vancouver, Canada’s priciest real estate market, saw a record 36% increase in 2013 over the previous year on sales of homes priced over $2 million.
Prices for luxury real estate have also seen significant increases over the last couple of years. According to Knight Frank’s Prime Across the United States, sales of luxury Global Cities Index, which tracks luxury real homes have been hitting records. The number estate in 30 metropolitan markets around of California homes selling for $2 million the world, the hottest luxury market now is or more, for example, reached an all-time Jakarta, which saw price increases of nearly high in 2013, as the state rebounded from 38% at the end of 2013 over the previous 10 The DarProperty May 2014
year. Knight Frank defines luxury real estate as homes that were sold in the top five percentile in terms of value. Other doubledigit price increases in the last quarter of 2013 over the same quarter 2012 include Dublin (17.5%), Beijing (17.1%), Dubai (17%), Los Angeles (14%), Tel Aviv (12.7%), Bangkok (12.3%), San Francisco (10.4%) and New York (10.4%). Why the Growth? It may seem incongruous that luxury markets are heating up, given that much of the world is still recovering from the 2008 financial
REAL ESTATE of International Buyers. Florida, California, Texas and Arizona were the leading destinations during that period, with the majority of international buyers coming from Canada, China, India, Mexico and the U.K. These numbers represent a small decrease from 2012’s $82.5 billion in sales to international buyers, but NAR believes this is related to the slow growth in some major European economies and that the issue “should dissipate over time.” The publication also cites that international buyers typically purchase higher-priced properties compared to domestic clients: international buyers spent an average of $354,000 versus $228,000 for domestic purchases. Due in part to the tight U.S. credit standards facing foreign buyers, the majority of international purchases are allcash deals (63%). This can put other buyers who need financing at a disadvantage, since all-cash deals tend to move faster through the process. U.S. Relatively Inexpensive The U.S. is home to only one of the top 10 most expensive cities in the world, making the U.S. a relatively inexpensive and attractive destination, both in terms of cost of living and housing. According to Forbes Magazine, the top 10 most expensive cities in the world (as of March 2013) are: 1. Hong Kong, China 2. Tokyo, Japan 3. London, UK 4. Paris, France 5. Moscow, Russia 6. New York, NY 7. Shanghai, China 8. Singapore 9. Mumbai, India 10. Sydney, Australia
crisis. Like the financial markets, the real estate market operates under the law of supply and demand. And by nature, there are a limited number of luxury homes for sale at any given time in a particular market. That limited inventory alone can help drive up prices as multiple buyers bid on a single luxury property.
The strongest single market segment for 2013 was clearly the luxury home market. If you include the sales of properties priced at over $500,000 - the top 10% of the market - we saw an increase of 44% year over year.”
Strong Job Market
In the U.S., international buyers represent a growing percentage of the real estate market, including the luxury market. From April 2012 - March 2013, international transactions were at $68.2 billion, which made up more than 6% of total U.S. existing While the vast majority of homebuyers rely home sales (in dollars), and more than 4% on the Internet at some point during their of transactions, according to the National home searches, luxury homebuyers can be Association of Realtors (NAR); 2013 Profile
In many metropolitan markets, such as Denver, low unemployment rates coupled with well-paying jobs have fueled the luxury real estate market. Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado, said, “We have never seen this kind of frenzy in luxury home sales before.
International Buyers
Buying a Luxury Home According to the 2013 Profile of Home Buyers and Sellers published by the National Association of Realtors, nine out of 10 buyers used the Internet at some point when looking for a home, and 43% of recent buyers first found the home they purchased online.
The DarProperty May 2014 11
REAL ESTATE at a disadvantage when it comes to finding properties online. Many high-end properties aren’t listed on MLS or search engines. And, in order to protect their privacy, many sellers avoid putting information and photos of the property on the internet. Find a Qualified Real Estate Agent If you are in the market for a luxury home, a qualified real estate agent who knows the luxury market may be your best bet for finding properties that are for sale but that are not necessarily easy to find because of privacy concerns. An agent familiar with the luxury market may have inside information about listings before they hit the open market. And, an experienced agent will be able to help you determine the market value of a luxury property. Most residential real estate is valued using comparables - similar properties in the area that have recently sold. Valuing luxury properties can be a challenge since often there are no similar properties in the area. Financing
The loan process for luxury homes typically takes longer than for smaller mortgages. Even if your financials are in good order, it may take 45 to 60 days to secure a loan. Since it can take extra time, and because the seller of a luxury home is often interested in showing only to qualified buyers, many real estate agents recommend having your mortgage broker, loan officer or personal banker obtain your financing approval early on in the process. Due Diligence As with any real estate purchase, it is important to take the time to properly inspect a luxury home prior to purchase. In many cases, luxury homes are larger and have amenities that may require specialized home inspectors, such as: • Pools and spas • Fountains and ponds • Lawn irrigation systems • Exterior fireplaces • Automatic screen and awning systems • Central vacuum systems
• Heated floors/driveways • Sophisticated security/surveillance systems • Landscape lighting The Bottom Line The luxury home market has experienced record growth in the last several years. Much of the growth in the U.S. and Canada is the result of international buyers who want to take advantage of favorable exchange rates, are relocating for work, are using real estate as an investment, or who may be affluent parents purchasing a home or condo for their children who attend North American universities. Written by: Jean Folger Jean Folger is a technical analyst and system researcher, author of the award-winning book Make Money Trading: How to Build a Winning Trading Business `
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Ask the Expert Real Estate Laws PURCHASE OF UNSERVEYED LAND Q. Hi, my name is Faisal. I recently bought land in an unsurveyed area and i followed all the steps involved in buying of such land. However, I later came to find out that, the land was already sold to someone else, and to make matters worse, the Government was the purchaser under the Economic Processing Zone project. Where did I go wrong? Please advice. Faisal, Dar es Salaam Hallow Faisal; first of all, we are sorry to hear that. Well without all the information, it’s hard to answer your question, for example how far you are sure you followed all the steps involved to purchase the respective land? Perhaps you skipped a step or two. Since you have not said which steps you went through to secure the land we would advise you to follow the following steps, the next time you purchase unsurveyed land. The first thing you are supposed to do is to conduct on site verification on the said premises. Thereafter you should consult your prospective neighbors about the demises premises at your convenience. Counter check at the local government authorities to verify that the purported owner is truly the owner of the respective land. Then, make sure you prepare the proper documents to effect the transaction. (Best be prepared by a real estate lawyer to avoid legal consequences thereto). Take a passport size photo of both parties to the contract and attach them adjacent to the name of the signatory in the sale agreement. (Make sure you both sign at the rear right side of the photos embarked with a fingerprint) Although it might be a frustrating process it will protect you from unscrupulous persons who would want to con you. If all goes wrong such document is proof of fraud and forgery thus you will have a strong case against the person if you were to take him to court. We would also advise that you to contact a real estate lawyer and brief him about your encounter so that he can help you regain your money. CONVERTING A BUILDING INTO UNITS FOR SALE PURPOSES Q: Hi, My name is Mabrouk and I am the owner of multiple buildings located in several places in downtown Dar es Salaam. I usually rent out these buildings but I have now decided to sell out the units in my buildings to various people. How do i go about this process? And what will be the consequences, if any? Mabrouk,Dar es salaam. A: Well Mabrouk the process is simple but a rather tiresome one since there are a lot of stages to go through before you start to sell the units. The process in a nutshell, is as follows: The first stage is to create units; thereafter register a unit plan at the Ministry of Land, 18 The DarProperty Jan 2014
love Tanzania, Is there any other way for me to do so? Brian,Arusha Housing and Settlement Development. Then you should declare whether the units would be developed once or in successive phases; obtain a planning consent at the relevant local authorities and also obtain a certificate from a registered surveyor; and thenceforth each unit is registered. You may further note that the unit plan should conform to certain requirements that have been stipulated under the Unit Tittles Act, 2008. Please find a real estate lawyer who will guide you from the beginning till the end of the procedure so as to protect yourself and your prospective clients. THE UNIT TITLES ACT Q: Hallow, My name is Joseph i am a Business man I have recently been given an offer to buy an apartment which is in Masaki the apartment is part of a 13 storey building. As I know the land laws of Tanzania recognize an owner of right of occupancy in land. If that is the case can i own this apartment? What are my rights? A: Hello Joseph, well the law has changed recently on that regard The Unit tittles Act, 2008 recognizes the right to own an apartment (which is known as a unit) in a building under subtitles. Therefore, the answer is yes! You may own this apartment however its transaction is a quite different from normal conveyance. It involves a lot of processes since under such title there are other persons who hold the same titles. Hence it will be proper you consult your nearest real estate attorney whom will guide and advise you accordingly. AN EXPATRIATE WANTING TO BUY AN APARTMENT Q: My name is Brian a British national and I am an expatriate living in Tanzania. Well due to the high cost of the rent I pay each month, i have been thinking of buying an apartment. However, I am told that a foreigner cannot own land in Tanzania. Is this true? Why? I really need to buy one, the rent is killing me and I
A: Hallow Mr. Brian, well I am very sad to say that you are right regarding to the ownership of land when it comes to foreigners. Also by being an expatriate it purports that you are not an investor of which automatically means you cannot own land. However, even if you were an investor the land which you would have purchased would only be for purposes of investment and thus not for individual use. For more please contact a real estate lawyer to give you a further guidance on the matter. Please do send us your question to: abcattorneystz@gmail.com/ info@abcattorneys.co.tz: ABC ATTORNEYS., IT PLAZA, 8th FLOOR, OHIO STREET, P.O.BOX 105722, DAR-ES-SALAAM - TANZANIA (EA) Tel: +255 222110236/0713055195/ 0786624901 For more information, you can also read other articles online at www.abcattorneys.co.tz DISCLAIMER: The purpose of this post is to educate the public on real estate law matters, and is not intended to render any legal counsel on its use. We, as a firm cannot accept any responsibility for any action based on this post. If you are interested in securing legal advice or need assistance dealing with a dispute, please consult your Attorney. THIS MONTHS’ ARTICLE IS A TRIBUTE TO OUR BROTHER, ADVOCATE LUKE GEORGE SEYAYI WHO PASSED AWAY ON THE 14th OF MAY 2014. R.I.P
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THE DARPROPERTY EXPO 2014 DIAMOND JUBILEE
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1.Prof. Anna Tibaijuka, Minister of lands and human settlement development hold a copy of The Darproperty magazine. On the left Mr. Michael Francis of Darproperty, explaining something to her, on the right is Mr. Oscar Mgaya. C.E.O (Tanzania Mortgage refinance Co.Ltd). 2. The Chief Guest, Prof. Anna Tibaijuka greeting Ms Linda of Bank of Africa Tanzania. Watching is Patricia Nguma, bank`s mortgage product manager (in red skirt) and other staffs. 3. Mr. John. of Lloyde Jones and staff keenly listening to the chief guest (not in the picture) when she toured their stand. 4. The Chief Guest signing the visitors` book at the NHC stand. 5. A visitor getting some information from the Remax Tanzania personnel 6. The chief guest touring the Crown paints stand. 7. ABC attorneys, from right. The late advocate Luke seyayi. Advocate Yohana Mganga and the team. 8. The Chief Guest addressing the press, on her left is Mr. Oscar Mgaya . Chief Executive (TMRC). 9. Mr. Irfan Khaki (in black blazer) explaining something about the Dege eco village to visitors. 10. Mr. Murtaza Adamjee of Global land solutions explaining something to the Chief Guest. 11. Different visitors touring the event
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1.Ben Paul (Musician) entertaining the crowd during the Darproperty expo Gala dinner 2.One of the guest asking a question to the presenter Dr. David Nyange (Not in the picture) 3. The special guest (Wife of the prime minister) keenly following something 4. Mr Rajen Vithlan (On the right) of Aasthi Associate, India and partner. 5. Luci Da Silva of Property Plus LTD (Left), the Special guest and a friend. 6. Mr David Shambwe of NHC making his presentation. 7. FCW staff enjoying the dinner 8. Some guests posing for a souvenir photo with the special guest 9. Dr. David Nyange from Michigan State University making his presentation. 10. Mr Ayub Tesha of TRELD (in a red shirt) with a friend from Alliance developers, India 11. The organizing team sharing a light moment with Mr. Mbaga (right) Mortgage product manager of KCB Bank (T). 12. Mr Raphael Nondi Of Tanganyika estate agent receiving his certificate from the Special guest 13. Mr. Zaeem Ahmed of Ideal Development (Left) and colleague 14. Some of the guests exchanging ideas
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The Darproperty expo 2014 was organized by Darproperty (T) Co. The Organizing committee Michael Francis Dennis Maunga Abdallah Mugasa Mbwana Mbura Brenda Ndashuka
Supported by Boniface Metta Brigita Lawrence Faraji Senkoro Theodora Mwangosi Grey Mateni Charity Isack George Claus
Special thanks to Hon. Prof Tibaijuka Mrs. Tunu Pinda Mr . Oscar Mgaya Mrs. Hellen Makwega Miss Pearl Bazila Mr & Mrs E. Shayo Mr Emmanuel Ringo Michael Urio Edo Star Daudi Boaz Dj Bon lUv Paulo Mugisha Simon Marwa Emmanuel Matondo Angel Navura Mussa Mzaba Job Runners Saidi Moshi Dr. David Nyange Mr. Mike Omwonyi Alfaran Dewji (Bonge) Anil Bhaloo Morris Omollo Jennifer Haule Sebastian Mwaikambo
Our reliable suppliers and partners: The Guardian LTD Label Promotion (T) LTD Job Runners Outdoor LTD Delfina Promotion LTD East Africa Radio Clouds Entertainment Group LTD Zest Production Tongwe Records Mawingu studios Jamana Printers LTD Dar es Salaam Serena hotel Diamond Jubilee Hall Digitall Ltd
House Hunting in Dar-es-salaam a tale of two markets
“W
hat is food to one is to another but bitter poison” Lucretius. They say house hunting is one of the most stressful things you do in life whether you are buying a house, leasing or renting. The stress that comes with finding that perfect place to call home can be overwhelming. For those who have been house hunting or are currently house hunting knows what I am talking about. The process of house hunting is time consuming, daunting, draining and let’s not forget, costly. One could argue this is what keeps real estate companies in business. The process of finding that ideal home without making too many compromises is one that needs patience and dedication. Don’t get me wrong; house hunting does come with its pros, the excitement of moving into a new house and house viewings to mention but a few. I recently moved to Dar-es salaam and had to go through the “exciting” process of house hunting for the first time in Tanzania. I must say house hunting in Dar-es-salaam is as fun as a root canal, especially if you are caught unaware of what is in store for you. There is little or no information online
about the dos or don’t of house hunting in the city to prepare you for what’s ahead. Although there are a number of estate agents advertising their houses online, there is not quite enough information. There are hardly any flat-mate finding websites, but I registered for the few that are available and browsed the internet hoping to see something suitable. I was simply in search of a clean two bedroom house with the essentials, near town, convenient to get to work. Surely this is not too much to ask, I thought to myself. I quickly learned that most landlords do not accept monthly rent and that you are required to pay at least a year’s rent and if you are lucky 6 to 3 months rent. The concept of paying rent on a monthly basis is simply not common here. Out of curiosity of course, I had to ask why this was the case. A landlady told me that it is because they want the lump sum to invest on something else and another told me that tenants are not to be trusted and therefore might not make the payments on a monthly basis. Here I was looking for a place for at least two years and I just learned that I may have to pay 2 years in advance. I was comforted that if the gods were on my side
I might just be among the lucky ones who will have to pay 6 months advance. What happened to paying rent on a monthly basis, surely I thought to myself that houses must be cheap in Dar-es salaam or I must be the only broke person in town. Leasing and renting in commercial capitals is always expensive but Dar es Salaam is arguably the most expensive in the East African region pushed by limited supply of descent houses, lack of planned areas that provide good roads, access to clean water, basic services, high rental costs in its posh areas, real estate agents (dalali) fees and not forgetting the fight by the majority to live closer to town so as to avoid long hours in traffic. It has been found that the increase in urbanization has increased the demand for housing and has ultimately led to high prices of apartments in the city. According to the Population Distribution by Age and Sex report done by the National Bureau of Statistics 2013, Dar es Salaam has the largest total population (4,364,541) in Tanzania followed by Mwanza (2,772,509). The growing population in Dar-es salaam is largely a result of rural-urban migration as well as reclassification of new urban
areas. Although urbanization has its own advantages, unprecedented migration of people from rural to urban areas increases the burden on already overburdened public services and physical infrastructures. This ever-growing population in Dar-es salaam has resulted in an increased number in properties and the housing market in general. Demand for apartments and houses in Dar-es salaam is constantly on the rise evident by the rise of skyscrapers in the city. The need for standard housing in Dar-es salaam is fuelling price hikes in the real estate. More and more people are now opting to lease or rent property due to the scarcity of land to buy in the city and the rise in the price of land if any in the city. Prices Housing in Dar is the tale of two markets – Generally high-end houses and apartments with rents similar or exceeding major Western cities and the more local housing market where monthly rents are often measured in tens or low hundreds of Tanzania shillings instead of dollars. Another interesting fact that I found in my quest for that place to call home is the fact that most standard houses are paid in dollars and not in Tanzania shillings. I later on gathered that leasing and renting in Dar-es-salaam was more targeted to expatriates and not the average Tanzanian. House and apartment rental prices are not actively regulated therefore it is no wonder prices seem to be picked up from a hat at times. Basically for some the prices exceed the quality and are not practically priced for the average person in the street. Therefore if you are 26 The DarProperty May 2014
earning in Tanzanian shillings this is mode of payment might not be ideal. If you are lucky you might find a house that will accept Tanzanian shillings but most dalali’s quote prices in dollars which do not take into account the average pay for a medium income class leaving in Dar-es-salaam. Research done by DarProperty Tanzania in 2013 illustrated in the table below shows the average advertisement rental for a four bedrooms house in Dar-es salaam per month; Name of Location Price in USD Masaki
Price in Tsh
5700
8,692,500
Oysterbay 4500
6,862,500
Ada Estate 4300
6,557,500
Msasani
3468
5,288,700
Upanga
3292
5,020,300
Mikocheni 2244
3,422,100
Kawe
3,129,300
2052
Mbezi Beach 1868
2,848,700
Kijintonyama 480
732,000
In the three months I have actively been house hunting I did have the chance of visiting most of the areas mentioned above. Let me tell you, there are some purely shocking places on offer. Want a “shoe box” which is covered in damp with a mattress on the floor and a rail for your clothes for $600 per month excluding bills? Or better yet want the promise of your ideal house to be completed according to
your requirements in a week’s time when you clearly can see this will probably need at least 2 months to be completed. After seeing numerous houses where I could never see myself living I decided it was time to see houses/apartments that were on the high end. I quickly learned that it was actually cheaper to lease a house compared to apartments. Apartments have the added bonus of a backup generator, water reservoir and for some a swimming pool and are often fully furnished. Did I mention that the prices in the table above are actually excluding furniture? Well if I didn’t then now you know. I saw a two bedroom in Upanga that was going for $2,500 and I was amazed at the poor quality of the house and could not imagine someone would actually rent the house for that price let alone the landlord rent the apartment for that price. Talk about daylight robbery. After seeing several houses I decided that I must now compromise on the distance and find something decent but further from work, a sacrifice I was originally adamant I would not make. Although I did see decent houses for reasonable prices in Mbezi Beach there was no way I was going to live that far from work. I was determined that the furthest I would go was Mikocheni. Now that I had some idea of what I was up against I decided to dedicate time each week to view at least 4 houses in Msasani, Kinondoni, Mwananyamala and Mikocheni. I set a budget, a deadline, reduced my expectations and started the hunt yet again now more prepared. I searched numerous websites, made lots of calls to dalali to see if they had anything suitable, visited
estate agents’ offices and basically talked to anyone who would listen. I was now more than ever focused on finding a suitable house in accordance to the deadline I set otherwise I would declare myself homeless.
with up to 4 dalalis in your car for one viewing and they might not have the key to the house or apartment when you get there. This can be a little scary if you are house hunting alone after work and you have 4 strange men in your car. Dealing with dalalis requires a lot of patience and can be costly since you are expected to pay for the transport of the dalali to get them where found them or where they need to be.
Mbezi Beach. Living in the same compound with my landlord, is usually not a good idea anywhere unless you landlord is one of a kind. To some the price is still on the highend compared to what is on offer and that I would get something of the same standard Dalalis- love them or hate them, you need at a much cheaper price. All I can say to this them is house hunting is not any easy task and it I was house hunting on weekdays after work does come with a lot of compromises and and on weekends. My friend once joked you have to settle somewhere so for now that “Lucy you must have see all the houses this is my best option. After my experience in Dar-es-salaam,” since house hunting National housing house hunting in Dar-es-salaam I think it is became my excuse not to attend any social With the ever-increasing number of houses time to bring back the fun in house hunting. activity. Dalalis became my friends and and apartments being built by national This could be done by 1) providing more house hunting became my part time job housing to cater to the demands for information on the realities of house hunting and landlord and landladies become my affordable houses I decided I would try Dar-es salaam, 2) landlords opting to rent bosses. I saw numerous houses, some more my luck finding a house through national their houses/apartment and accepting than once and met different kinds of dalalis. housing. I had to go to the national housing monthly payment as opposed to only The drunks, the crafty ones, the bullies, the offices in the areas that I wanted to live leasing and accepting payment for the cheats, the time wasters, the good ones, you in and enquire if there were any houses/ entire lease, 3) house sharing becoming name it. Finding a good dalali or estate apartments available for rent. I was advised more fashionable, 4) dalalis become more agent (company) I quickly learned would that there is a waiting list and all that I organized 5) increase in more standard determine if I would find something suitable could do at the time is fill in an application affordable houses/apartment and 6) prices or not. Dalalis, I must say, are good at selling form, pay a fee and wait for someone to been regulated. I am sure that this will be a themselves and promise to show you houses vacate the available houses and hope I reality soon and very much looking forward you have “never seen before” or “decent was next in line or waiting for new houses/ to it! houses.” However both these are subjective apartments to be complete. Basically there and what is decent to a dalali might be utter was no guarantee that I would have a house Tips of the day rubbish to you. I would get angry at dalalis in the next 3 to 12 months- not something I Before you pay for a house, please check who showed me houses that I specifically wanted to hear. It’s been 6 months now and I with your soon to be local ward on who owns said I did not want; it was almost like they am still waiting but I have a feeling I will be the house. Beware of con-artists (dalali) as were doing it on purpose. Dalalis come in waiting for a very long time, so I won’t hold they come in all shapes and forms. different forms some want a payment of my breath. Agree on a contract before you make a Tsh10,000 for every viewing, some require payment and insist on signing the contract for you to pay for their transport to where before payment otherwise you might be you found them once you are done house You win some, you lose some waiting for a very long time. hunting, and others don’t charge anything Well I finally found a two bedroom house but expect to get one month’s rent as their just a week after my deadline. As expected Lucy Minde fee at the end. Since the dalali’s job is not I did have to make some compromises LLB (Law) LLM (International Law) well organized you will often find yourself including distance and no, I did not settle for info@mychumbatz.com. The DarProperty May 2014 27
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REAL ESTATE The ABCs of REAL ESTATE MARKET OVERBUILDING a situation in a given area where has been more real estate construction than the market can absorb within a reasonable time. Example: In many cities in the 1980s, office space was overbuilt: there was more space than potential tenants wanted to rent; as a result, much space either went unrented or rented at unusually low rates. MORTGAGE POOL a collection of loans of similar nature that are sold as a unit in the secondary market or used to back a security that is then sold in the capital markets. Example: Lenders Mortgage Company packaged a mortgage pool consisting of $50 million worth of VA guaranteed loans. The package was sold to a group of investors who each put up a minimum of $25,000. SHORT – TERM CAPITAL GAIN gain on the sale of a capital asset that was held, generally, for less than 12 months. A taxpayer’s short-term capital gains and losses are merged; the net is then merged with net long –term capital gains. Example: An investor sold land that was owned for 4 months at a $10,000 profit. The sale was the investor’s only capital transaction that year, so the $10,000 short-term capital gain is added to ordinary income. Net shortterm capital gains do not have the favorable tax treatment accorded to net long-term capital gains. INVESTMENT PROPERTY that which is owned for income production and capital growth potential, rather than for occupancy or use in a business or for personal pleasure or held in inventory. Example: Commonly held investment properties are apartment buildings, rental houses, retail centers office buildings, and land with future development potential. INTANGIBLE VALUE value of an asset that cannot be seen or touched. Example: The goodwill of an established business is an intangible value.
The DarProperty Mar 2014 29
VIKAWE PLOTS FOR SALE (Bagamoyo)
Tshs 35m 597sqm
These spectacular plots are located only 3.5km from the bagamoyo main road Price. Tsh.10,000,000 per acre
1/2 KM TO THE BEACH IT HAS TITLE DEED 0715 266 516
Disclaimer • The Darproperty Magazine is only a property guide where real estate owners or their agents and or their real estate brokers place their property’s sale or rent information with or without pictures. • The Darproperty Magazine does not take any part in selling, buying, or renting transactions. • All transactions are governed by your local laws. All offers and promotions on this magazine are subject to change without notice. • The Darproperty Magazine provides you, our readers, a venue for obtaining the information contained in this publication and has no control over the legality of any real estate for sale or rent or other offers made by advertisers, the ability of any of the advertisers to complete the sales in accordance with the offers, or the quality of the real estate offered by the advertisers real estate information for sale and or rent is directly published by the advertisers on this publication and hence The Darproperty Magazine takes no responsibility of any of their information and prices and any mistakes in printing or typing. The Darproperty Magazine has no control over whether Advertisers will honor the offers shown on this publication and does not guarantee the accuracy or completeness of the information contained on this publication. • The advertised real estates and properties on this publication may or may not be available for sale and or rent. In the event you have a dispute with an Advertiser in any way relating to this publication or the use of information from this magazine, you agree to waive and release The Darproperty Magazine from any and all claims, demands, actions, damages (actual and consequential), losses, costs or expenses of every kind and nature, known and unknown, disclosed and undisclosed relating to that dispute.
+255 713 278 229 +255 783 299 127
CLASSIFIEDS
ERTY PROP YOUR LY LIST N O FOR HERE 0/= 30,00 TSHS XCL. VAT E
Mikocheni B, Dar es salaam house for sale tshs 450,000,000/=
300 sqm, 25 meters from cocacola rd. Opp. east africa international school good neighbour hood, along hanang st.
0713 294 486, 0766 422 346
Mikocheni, Dar es salaam plot for sale TZS 650,000,000/=
plot for sale opposite to clouds fm, also with a house
0755 881 465 / 0655 881 465 Mbezi beach, Dar es salaam house for rent USD 2,500
7 bedrooms, semi furnished, parking space (4cars)
+255 754 778 844
mkuranga , beach plot for sale TSHS 30,000,000/=
kiwangwa bagamoyo Farm for sale
2000 SQM
Farm for sale at kiwangwa, 8 acres, no title deed it has 4 bedrooms house 3 km from the main road
fully air conditioned with glass front parking facilities also available, 24hr security backup generator, independent block available one month free rent
0754 26 65 16
0784 84 47 04 / 0784 73 13 15
0765 199 349 goldbergtz@gmail.com daressalaamrealestate.blogspot.com masaki, dar es salaam chole road, house for rent usd 2,500
fully furnished rooms,master bedroom and two bed rooms, sitting room, big kitchen, vast parking area( 5 car)
0715 040 411 / 0787 264 900 bahari beach plot for sale, usd 850,000 negotiable.
Plot Size : 4,900 Sq meters ( 1 Acre ) Perimeter wall all round the plot with a gate already in position. +255 758 536 581 / +255 684 601 567 info@tzaccommodation.com
miwani, zanzibar farm for sale usd 140,000 negotiable.
kinyerezi, dar es salaam plot for sale, $55,000
Plot Size : 9 Acres, Available vegetation / Trees Mango Trees, Coconut Trees , Spices Banana Trees ,Lemon, Passion fruit trees Cassava , Pineapples, Rice , Orange trees etc..
1531 square meters title no: 97263, land office no: 482670, plot no: 1926, block b kinyerezi รกrea dsm - 7 km from dar es salaam international airport. near main road
+255 758 536 581 / +255 684 601 567 info@tzaccommodation.com
0656 21 68 99 / 0684 79 70 86
2nd raw beach,zanzibar house for sale $175,000 negotiable.
4 Bdrm House 2nd Raw of Beach for sale in Zanzibar This House need some finishing work. Plot size : 4,800 Sq meters ( 80 m by 60 m ) New 4 Bedrooms self contained rooms. Second Raw beach plot with nice Sea view.
0758 536 581
msasani, dar es salaam house for rent usd 2,000
two houses with four bedroom each, large parking space, garden behind the msasan road.
0713-457 696 / 0713-328 274
Pugu road, dar es salaam office block for rent
galaxy@ctvsatcom.net
mikocheni - mwai kibaki rd. office space for rent $21 per sqm
large outdoor space, Available immediately. 24 hr security, air condition, parking +255 763 886 129 nw@mara.com
Kibaha,Kongowe house for sale tshs 150,000,000
Coastal Region (Kongowe - kibaha) 2 Acres House, few meters from the main road 0716 73 14 86 / 0658 34 73 73
white sand dar es salaam, house for sale
mbezi, dar es salaam (mboma road- salasala) house for sale USD 54,000
1/2 acre plot having a bangalow near white sands opp. new parkland hotel
mbezi, dar es salaam (mboma road - salasala) 3 bedrooms house with enough space for car parking, with trees.
+255 717 539 850
0715 737 245
arusha (arumeru district) house for sale | tzs 150,000,000
makongo, dar es salaam (makongo juu - kk) house for sale | usd 180,000
kigamboni, dar es salaam, house for rent | $750
gezaulole - plot for sale tshs 15,000,000/=
this property has 3 bedroom and an auxiliary building, with mature garden.
makongo juu, kk street 1600.0 sqm 4 bedrooms 3 bathrooms enough parking space
3 bedroom house, fully furnished, air condition, bore hole & nature garden
remenallan@yahoo.com
0786259854/0767259854 diamondvideo2001@yahoo.com
0712 009 666 / 0687 514 545
0752 911 423
636 sqm 0715 913 814 0784 913 814
The DarProperty Mar 2014 31
Real Estate Agents Directory
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 AMBASSADOR REAL ESTATE AGENCY Sinza Palestina - CCM bldgs P.O. Box 62067 Dar es Salaam Mob: +255 784 252741 GIMCO ESTATE AGENCY LTD Samora Ave, NIC Investment Hse, P.O BOX 8382 Dar es salaam Tel +255 22 2120988 Mob +255-784 900041 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 HAMPTONS PROPERTIES TZ Haidery plaza - 1st floor upanga/kisutu street P.O.BOX 6547 DARESSALAAM hamptonspropertiestz@gmail.com, a_kito@yahoo.com 0654 204083/ 0784 323133 KATIGA HOUSING EXPERTS P. O. Box 65490 Dar es Salaam Tel:+255 2270 1915 Cell: +255 764 763 186/ +255 658 763 186 Email: info@katiga.co.tz/ katigahousing@gmail.com Website: www.katiga.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
32 The DarProperty May 2014
ARUSHA MY BEACH Old Bagamoyo Rd. opp Yuasa auto impex P.O BOX 105200. Dar es Salaam Tel; +255 22 2701710 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 SKYMARK REALITIES LTD Zanaki st. - Alimanga bldg Tel: +255 22 2 134422/33 Tanganyika Estate Agent Village Walk, close to Sea Cliff Hotel +255 717 032 633 info@tzrealtors.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
EL-SHADAI INVESTMENT LTD P.O BOX 17021 Arusha +255 782 677 068 +255 754 421 958 HOMES & PROPERTY AGENCIES LTD Land Surveyors & Property Managers P. O.Box 10079 Arusha Boma Rd. Arusha 0787 805566 hopraltd@gmail.com Tanganyika Estate Agent
Shoprite Complex, +255 785 984 467 info@tzrealtors.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
Enhance your Visibilty & Credibility Get listed here for Only Tshs. 29,500/= per Insertion OR Tshs. 300,000/= Annually +255 784 23 89 62, 0688 75 18 68 sales@darproperty.net
c hok ol e
investment limited T h e Ult i m at e O u t d o or S ol u t i on s
Mikocheni, Garden Road, Dar es Salaam, Tanzania. +255 786 924373, +255 658 924 373
PROFESSIONAL Designers & Installers of: Car Shades, Gazebo Electrical Gates & Umbrellas
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The DarProperty May 2014 33
PATRONS In business, the competition will bite you if you keep running; if you stand still they will swallow you. semon knudsen.
ADVERTISERS
INDEX
If you like what you are reading Buy from our Advertisers, remember to mention you saw their Advert in this magazine
PATRON PAGE NO Bank of Africa..........................................1
Advertise with US to stay on TOP
Chokole Investment Company.................33 CRDB Bank............................................12 Discount Kubwa....................................35 Ensol Tanzania.....................................36 Exim Bank................................................1 Galaxy Estate Management..................17 Halic Construction.........................................3
DAR ES SALAAM 022 2780517 0784 238 962 / 0713 751 868 sales@darproperty.net
Hong Xing....................................................13 Lifemate Furniture.......................................19 Mangu kapolo...............................................8 Mwanza Estate.............................................16 National social Security Fund...........14 &15
ARUSHA 0787 805 566
New day Property agency..........................9 Pamela Lupembe..........................................9 Pangani Estate Services.............................29 spin n Span...................................................20 Tanganyika Estate agents............................7
MWANZA 0714 245 779
Tanzania Bureau of Standards...................2 UTT- Projects and infrastructure1,4&5
36 The DarProperty May 2014