The Darproperty - November 2015 |1 The Issue No 44 | ISSN 1821-7753 East Africa’s Ultimate Property Guide November 2015 www.darproperty.net FREE COPY Featuring Properties from Tanzania & Kenya NOW IN MTWARA | +255 754 864 426 | +255 22 2138058 | [email protected] | www.realinsurance.co.tz
The DarProperty November 2015. East Africa's Ultimate Property Guide.
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The Darproperty - August 2015 | 1The Darproperty - November 2015 |1
Property of the month!Sakina – Well Designed - $ 425,000
Great, well designed, multi-faceted property located on 1,5 acre plot in a good neighbourhood of Sakina. The compound contains numerous, equally well thought-
through and beautiful houses. Main house with spacious and airy kitchen, living- and diningroom area in open floorplan that comes with a 2-storey height to the ceiling and a
fireplace. Further rooms downstairs include kitchen, bathroom and hallway. Beautiful floors with mosaic. Upstairs loft that presently houses a combined sleeping- / livingarea.
The main house also contains a ”wintergarden” styled livingroom – being a perfect place to entertain friends and family (or watch Manchester United on the big
screen…..). Further houses include a 2 bedroom, 100% self contained guest house, perfect for long staying guests or for long term lease (the property has a very mature, green and bushy garden that makes living in the different houses 100% private). This
property offers so many opportunities – in whatever way you choose to look at it!
PHOTO PHOTO
PHOTOPHOTO
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+255 762 545 866 +255 684 425 142
NEWLY BUILT APARTMENTS AND VILLAS FOR SALE AND FOR RENT PROPERTY FEATURES: Ocean views or Private beach, Swimming pool, Modern kitchen appliances, Fully equipped gym, Air conditioning, Standby generator, 24hrs Elevator, High-end Security & CCTV cameras, Electric fence, Ample parking yard, DSTv connection, 24 hour Management service !
THE REEF APARTMENTS OCEAN WAVE APARTMENTS THE REEF APARTMENTS THE REEF APARTMENTS OCEAN WAVE APARTMENTS OCEAN WAVE APARTMENTS
LOCATION: Msasani Dar es Salaam, Old Bagamoyo Road, Plot 77B/2 (near Msasani Beach Club)
LOCATION: Msasani Dar es Salaam, Old Bagamoyo Road, Plot 389/1 & 2 (opposite JKT)
We approve standards of all kinds of building materials.From Institutions and Individuals.
14 | The Darproperty - November 2015
On 28 October 2015 all members of African Union for Housing Finance, involving public and private sector
met and held their 31st annual general meeting in Durban, South Africa, in this meeting AUHF express their commitment to making housing finance markets work in Africa. According to the AUHF, Africa’s housing finance sector has been going through considerable growth and change over the last decade, responding to the broader economic growth opportunities and rapid urbanization. Over the past decade, developers have been gearing up to build housing, and housing finance systems are reconfiguring themselves accordingly. There is evidence of housing delivery and, increasingly, the reality of affordability is being addressed with innovative products that pinpoint the particular needs of the market. Housing finance and mortgage markets are also slowly developing, and as economic frameworks improve, some investors are actively targeting the residential property sector.They added that, the activity is insufficient given the population growth and urbanization
pressures that are clearly evident in African cities. The rise and persistence of informal settlements and inadequate housing is a visual and lived expression of the failure of African finance and construction sectors, our policy and planning frameworks, and African land use management systems to engage with the reality of demand. African countries need to increase the scale of delivery, while decreasing the costs, so that more and better housing can be delivered on a sustainable basis.In accordance with the AUHF access to decent, secure, affordable housing is a crucial part of the African Agenda for 2063, and is the AUHF responsibility in terms of Goal 11 of the Sustainable Development Goals. These intentions, reiterated in the Draft African Common Position on Habitat III, frame AUHF expectations and commitments.AUHF have revealed that, housing must be paid for, by someone. And so, housing finance is a critical link in the housing delivery value chain. Whether through subsidies, savings, credit, or investment, the cost of housing must be covered by an investor – whether that is the state, the household, a developer or a financial institution – who trusts that
benefit will be derived from the investment. Whether the benefit is financial or social, or a combination of the two, efficient and effective housing finance systems make it possible for investors to realize a benefit that encourages them to keep engaging. If we are to have housing markets that work, we need housing finance markets to work.In their meeting, AUHF expressed that, housing affordability is a fundamental challenge that cannot be overlooked. With the majority of housing demand across Africa being expressed by first time home seekers without equity, and with low incomes, only a fraction of households can afford the housing currently being delivered by the private sector. Investment in innovative, low cost technologies and technical support to the housing sector can enable a new standard of affordability to meet the needs of our majority. Further, incremental construction approaches can spread the costs of housing over a series of more manageable steps, there for UAHF need to acknowledge the housing affordability reality with more realistic land use planning frameworks and delivery bylaws, and with innovative financial products that understand and respond
DECLARATION OF THE MEMBERS OF THE AFRICAN UNION FOR HOUSING FINANCE
(AUHF)
The Darproperty - August 2015 | 15The Darproperty - November 2015 |15
directly to the capacities of the market.Due to the fact that the mortgage instrument is a useful tool for making housing more affordable, and for enhancing the financial intermediation capacity of our economies but it will not serve the housing needs of the majority. AUHF members decided to work on all fronts addressing the macro-economic and monetary policy issues that enable mortgage markets to develop, while elevating the role that non-mortgage, housing microfinance initiatives can and do play.According to AUHF the housing backlog figures are frightening and there is a desperate need for the scale delivery of housing solutions, whether for ownership or for rent, that are affordable to the breadth of the population. In outlining the challenges, keynote speaker to the AUHF Conference, Dr Issa Faye, of the African Development Bank said that, in Nigeria alone, the backlog is estimated at 17 million units. South Africa estimates a 2.1 million housing unit deficit and has 1.5 million households living in slums. In Kenya, an estimated housing backlog of 2 million units is growing annually by 200 000 units; and in Morocco, the 800 000 unit backlog is growing annually by another 178 000 units. These figures are replicated across the continent. Delivery of new housing is not even keeping pace with growth, not to mention addressing the backlogs.AUHF recognized that the problem of high housing backlog driving the increasing pressure on our cities. Also they recommended that delivery capacity is fundamentally influenced by policy and regulatory systems, access to construction finance and equity, efficient payment regimes, of course, effective demand for housing.Policy is fundamental to efficient housing finance systems. From macro-economic, tax and monetary policy through to land use frameworks, building codes, labour law, and so on, government sets the rules and enables the pathways that the private sector can follow to deliver good and effective housing solutions that are affordable to the population.Private investors, lenders, and development finance institutions are powerful players with the ability to influence development trajectories and the realm of the possible. While policy must create and nurture an enabling environment, the investment sector must also actively seek niches in which they can engage, and grow these to continuously expand access to lower income earners. We also understand that we need to engage with the reality of informality and develop mechanisms to accommodate this in our approaches. This will take long term, committed investment, and a vision that appreciates the potential of the market of the future, notwithstanding the challenges faced today.Partnerships: The housing finance challenge is not just a challenge of financial engineering,
but was also tied fundamentally to the housing delivery value chain. The complexity of the housing process makes partnerships a necessity. These need to be well structured, however, with each player taking a role appropriate to its own capacity.The role of government is to set an appropriate and enabling legal and regulatory framework, and to lead in the provision of serviced land for housing. Government can also provide legislative innovation and budgetary support for specific development objectives in the housing sector, such as VAT relief on newly constructed units sold to target market households. Full subsidisation is not required, however, as financial institutions have the capacity and appetite to provide development capital, risk mitigation products and end user finance. Development Finance Institutions can provide additional capital, technical assistance and targeted risk sharing mechanisms. With the legal and financial framework in hand, developers can then drive the initiative with their development expertise, also taking part of the risk. Lastly, households themselves, have a variety of capacities to contribute towards the realisation of their housing needs whether financially or with their labour. Public private partnership arrangements are risk-sharing arrangements in which parties bring together their resources and use these collectively to realise the objectives of the project and effectively manage its risks.
UAHF urged the governments to address the following critical challenges:
Transparent land management systems: the investment of capital in housing markets depends on legal frameworks that confirm and support ownership or tenancy rights, and allow property to be used as collateral for access to credit. Sound planning frameworks that promote the growth of sustainable human settlements are a critical part of the enabling environment on which investment depends. Governments across Africa should streamline and prioritise their land legal frameworks, establishing and improving appropriate and sustainable titling systems, ensuring security of tenure, and clarifying and upholding rights of occupation and use, all in favour of effective housing markets.
Investment in infrastructure and serviced land for housing: a key constraint facing housing developers in the delivery of housing at scale is access to serviced land for housing. Government can facilitate increased construction by making land available through its regulatory and other levers, and investing in bulk infrastructure to support this. As cities develop, the establishment of effective rating and collections systems can also build municipal capacity to further meet the need on an ongoing basis, while also establishing critical contracts for local citizenship.
Attention to the housing impact of macro-economic and monetary policy: the growth of the housing sector in Africa demands greater financial innovation that increases the capital available, whether for lenders, developers, or households themselves. Our capital markets are shallow and secondary markets are ineffective. A critical issue for attention by policy makers is the creation of an environment conducive to long term funding and increased investment. The role of the central bank and monetary policy is fundamental in this regard. Key areas for policy attention include interest rates, inflation, tax policy, currency risk, capital requirements and other macro-economic issues that impact on housing.
Accommodation of non-mortgage, housing microfinance as a viable and central component of a national housing finance framework: housing financing systems that accommodate the financial capacities of the majority are critically needed and cannot be overlooked in favour of unrealistic expectations of wide-scale mortgage finance.There are very positive examples of inclusive housing finance systems across the continent, but these are not yet operating at the scale required. Governments can assist in promoting non-mortgage housing finance systems through the active and regulatory promotion of developmental credit, effective and appropriate credit regulatory systems, and the establishment of land use management systems that provide for and facilitate incremental housing delivery approaches.
Consistent national housing policy and regulatory framework. The long term nature of housing investments makes the current situation of policy uncertainty critically important. Unpredictable regulatory changes, complex legal frameworks and volatile local currencies all limited investment timeframes and challenge exit strategies, encouraging investors to look elsewhere, or upmarket, where the capacity to absorb costs is greater. Government policy can have a significant impact on investor interest and market participation, simply by being reliable and timely. At the same time, good policy can improve the reach of good investment – extending the benefits of investor interest to a wider array of people, and critically, down-market.
All members of the AUHF, confirmed their commitment to the development of sustainable housing finance markets that address the broad spectrum of needs in the countries and regions throughout Africa. As individual housing sector practitioners, and collectively as members of the African Union for Housing Finance, AUHF were committed to:
16 | The Darproperty - November 2015
• The development of appropriate housing and housing finance products that are affordable to our populations, that respond appropriately to the reality of informality, and that contribute effectively towards adequate housing for all, across our nations.• The mobilisation of capital resources, long term and in local currencies, debt and equity, with the appropriate risk underpins and supportive frameworks to encourage the participation of a diverse range of investors across the range of housing solutions, and to enable developers to grow their capacity to operate at scale.• The realisation of scale delivery that meets the growing demands for housing with realistic, affordable products, including the delivery of affordable, well-managed rental housing at scale.• The establishment, and consolidation, of sustainable and robust institutions throughout the housing supply chain, and the provision of capacity support, technical assistance and professional development.• The collection, analysis and dissemination of evidence based information on effective housing finance practice and the performance of the housing market. In this, we are committed to sharing best practice and building track records that can be monitored on an ongoing basis, setting benchmarks for our peers and one another, in support of more effective housing markets across the continent.• Increased dialogue and engagement between the public and private sectors, at a local, national, regional, continental and international level.• Working in collaboration with each other, and other stakeholders, whether in the public or private sectors, to promote the realisation of sustainable human settlements across Africa.The AUHF is keen to engage with respective governments on both micro and macro-economic issues, including interest rates, tax and monetary policy, and housing and land policy as it influences the growth and performance of housing markets. The AUHF and its members look forward to working with governments and other stakeholders, in respective countries and across the continent, in promoting the investment capacity of Africa’s housing sector and meeting the housing needs of its residents.
The above information was shared by Mr. Oscar Mgaya. The Newly appointed Chairman of AUHF who is also, Chief Executive Officer.
>> AUHF
PUBLIC ANNOUNCEMENT
Oscar Mgaya elected to be Chairman of the Board of the AUHF
Tanzania Mortgage Refinance Company Limited (TMRC) Chief Executive Officer MrOscar Mgaya has been elected to be Chairman of the Board of the African Union for Housing Finance (AUHF). This was announced in advance of the 31st AUHF Annual Conference and AGM which took place in Durban, South Africa 26th – 28th October 2015. MrMgaya is taking over from Mr Colin Chimutsa who was Chairman of the AUHF Board for 3 years.
Mr Mgaya has been serving the AUHF board since September 2012. Recently, he was also elected to be a member of the Executive Committee of the International Union for Housing Finance (IUHF). He has over 20 years of commercial real estate and financial services experience. Prior to joining TMRC, Mr Mgaya was Director of Real Estate for Limited Brands in the United States. He previously also worked for JP Morgan Chase, General Electric Company and Merrill Lynch. He received both his Bachelor of Arts degree in Finance & Management, as well as his Masters of Arts degree in Management from Walsh University in the United States.
Other AUHF Board Members include MrCasCoovadia(South Africa), MrReginald Motswaiso (Botswana), Colin Chimutsa(Zimbabwe), Femi Adewole (Kenya), Charles Bonsu (Ghana), DrCharles Inyangete(Nigeria) and MrOmar Sarr (The Gambia).
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 individual and caters to banks rather than individual borrowers.
The AUHF is a member-based association of mortgage banks, building societies, housing corporations and other organisations involved in the mobilisation of funds for shelter and housing on the African continent. The AUHF was established in 1984. The AUHF currently has 48 member organisations from 17 countries: Botswana, Ghana, Kenya, Mauritius, Namibia, Nigeria, Rwanda, Seychelles, South Africa, Swaziland, Tanzania, The Gambia, Uganda, United Kingdom, United States of America, Zambia and Zimbabwe.
FEATURES: OfficesFully furnishedSwimming 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
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Tanzania in recent years has witnessed a huge influx of foreigners and being amongst the leading recipients for
foreign direct investments, this demonstrate the success of the government’s investment policies and measures to make Tanzania an even more attractive investment destination.Recently during the laying of the foundation stone at one of the NHC projects in Dar es salaam, the NHC Board Chairperson, Ms Zakia Meghji, made a request to the then President of Tanzania, Dr. J.M. Kikwete, seeking amendment of laws to allow foreigners to buy housing units, President Kikwete said a formal request should be forwarded to the government for consideration.Dr Kikwete said not all houses and buildings in developed countries are owned by locals
but foreigners who are allowed to buy and are given conditions to follow if they want to construct a building.“In Dubai, South Africa and other developed countries, this method applies, which is a big catalyst to those countries economy. We should not be our own stumbling block in achieving our goals in development,” he emphasized.The president`s remark received mixed reactions from different stakeholders, including local and foreign investors.One investor mentioned that, “I think the President is right, we need to welcome more foreign investors and allow them to buy properties in Tanzania that is the only way to make the industry more vibrant and truly making ourselves global citizens.”
It was not the same to some individual, Mr. J.Chiwalao, a Tanzanian living in Kigali, Rwanda, Commented, “The review on fixed asset ownership is a broad thing, perhaps, there few things to be corrected to fit the current demands and needs for the betterment of our community, but, I am against the move taken by the Corporation to categorically seek the review, The corporation`s primary role is to provide or facilitate the provision of houses and other buildings in Tanzania, their focus should be the local market, with a deficit of over 3 million units and 200,000 more units every year their focus should have been tailored to satisfy this ready demand rather than ignoring it.
Discussion countinues on our website & social media platforms
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6 Bedrooms 7 Bathrooms Air condition Swimming poolHot water
3 Bedrooms 360 Balcony4 Bathrooms Near main roadAmple parking area
A 0.5 acre plot located in this secure & developed part of Runda Estate.• Level plot.• Services available.
A modern and secure FOURTH FLOOR APARTMENT conveniently situated in a development of 15 at the junction of Kabete Lane & General Mathenge. Lounge, Dining Room, 4 Bedrooms, 3 Bathrooms with bide (2 Ensuite), Cloakroom, Kitchen & Utility Room. Swimming Pool, Inverter for power backup, 1 DSQ, 2 Car Parks.
A prime FREEHOLD plot for development of MULTISTOREY FLATS. – 0.759 ACRE. There is a delightful old style house which will sadly be lost.
RUNDA – RUAKA DRIVE
RUNDA – BENIN DRIVE
LOWER KABETE – OFF GENERAL MATHENGE DRIVE
LAVINGTON, OTHAYA ROAD
FOR SALE:Kshs. 93 Million.
Ref. 59
FOR SALE:PRICE GUIDE:Kshs. 42 Million.
Ref. 12
FOR SALE:Kshs. 38 million.
Ref. 47
FOR SALE:PRICE GUIDE Kshs. 250 MILLION
(Offers Invited)Ref. 73
A FREEHOLD plot of 0.786 OF AN ACRE with an old style house. AN IDEAL PLOT FOR THE REDEVELOPMENT OF TOWNHOUSES.
LAVINGTON, O WASHIKA ROAD
– OFF ISAAC GATHANJU ROAD
FOR SALE:PRICE GUIDE: Kshs. 190 Million.
(Offers Invited)Ref. 74
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.
A well presented double storey house on 1 ACRE of mature garden in
A cozy house on ½ acre of mature garden in this secure part of Runda Estate. Living Room, Dining Room, 4 Bedrooms, 2 Bathrooms (1 Ensuite), Kitchen & Study. Includes 2 Ensuite Guestrooms.
RUNDA – OFF RUAKA ROAD
FOR SALE:Kshs. 100 million.
Ref. 10
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.
LOWER KABETE FOR SALE:Kshs. 80 Million.
Ref. 48
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.
FOR SALE:Price Guide Kshs. 640 Million (Offers Invited)
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