The
January 2019
Featuring Properties from Tanzania & Kenya
www.darproperty.net
East Africa’s Ultimate Property Guide
FREE COPY
Issue No 67 | ISSN 1821-7753
The Darproperty - January 2019 | 1 The Darproperty - August 2015 | 1
Kenya’s real estate to recover after 2017 difficulty
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ccording to Cytonn Real Estate, the slowdown is attributable to political uncertainty brought about by the extended electioneering period that made cautious investors postpone making purchase decisions. The industry was further affected by oversupply in some segments such as commercial office space, and credit constrains due to the interest rate cap that resulted in slower credit to private sector growth. According to the 2017 report by Cytonn Real Estate, development activity reduced evidenced by the 18.4 per cent reduction in the value of building approvals in Nairobi between January and July 2017 to Sh149.5 billion compared to Sh183.2 billion during the same period in 2016. The review also shows that the sector recorded rental yields of 9.6 per cent in retail, 9.2 per cent in commercial office and 5.2 per cent in residential sector, resulting to an average rental yield for the real estate 10 The Darproperty - January 2019 | 10 | The Darproperty - January 2019
market of 8.0 per cent, compared to 7.8 per cent in 2016. Moreover, capital appreciation in Nairobi and its metropolis averaged at 6.5 per cent in 2017 from 18 per cent in 2016 and thus the real estate sector recorded a total return of 14.5 per cent in 2017 compared to returns of 25.8 per cent in 2016, showing a slow-down in real estate operators’ performance. Satellite towns such as Utawala, Juja, Athi River, Ongata Rongai and Ruiru recorded the highest capital appreciation due to improvement of infrastructure opening up these areas for development. “The slowdown in performance was as a result of a steep decline in capital appreciation brought about by stagnated land and property prices indicating slowed demand in 2017. Developer returns, however, remain high at an average of more than 25 per cent given that real estate is a long-term investment, with a capital
appreciation of 17.4 per cent over the last six years,” said Elizabeth N. Nkukuu, CFA, Cytonn’s Chief Investment Officer. The Report however indicates that the sector will recover in 2018 attributable to high housing demand and the large housing deficit at 200,000 units annually, improving infrastructure and the growing middle class with higher purchasing power. Government incentives to spur affordable housing development and growing businesses and SMEs creating demand for office and retail space will also be a contributing factor to the growth in 2018. “Investors, however, have to conduct research to identify the niches in the market given the increased focus by institutional developers, which, while clearly an indication of growth, will result in stiff competition as clients and investors demand quality developments,” the report states. By KENNEDY KANGETHE,
The Darproperty - January 2019 | 13 The Darproperty - August 2015 | 13
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7 smArt stePs every new Homeowner sHould tAKe
t
urning the key in a lock that no landlord has access to, reading in a hammock in your own backyard and painting your dining room bright red - what could be more exciting than making the leap from renter to first-time homeowner? Getting swept up in all the excitement is a wonderful feeling, but some first-time homeowners lose their heads and make mistakes that can jeopardize everything they’ve worked so hard to earn. Don’t be one of those people; take a few moments to ponder these seven practical concerns that will help ensure that your first home becomes the place of luxury and financial freedom you’ve anticipated.
16 | The Darproperty - January 2019
don’t overspend on furniture and remodeling You’ve just handed over a large portion of your life savings for a down payment, closing costs and moving expenses. Money is tight for most first-time homeowners. Not only are their savings depleted, their monthly expenses are often higher as well, thanks to the new expenses that come with home ownership, such as water and trash bills, and extra insurance. Everyone wants to personalize a new home and upgrade what may have been temporary apartment furniture for something nicer, but don’t go on a massive spending spree to improve everything all
at once. Just as important as getting your first home is staying in it, and as nice as solid maple kitchen cabinets might be, they aren’t worth jeopardizing your new status as a homeowner. Give yourself time to adjust to the expenses of home ownership and rebuild your savings - the cabinets will still be waiting for you when you can more comfortably afford them. don’t ignore important maintenance items One of the new expenses that accompanies home ownership is making repairs. There’s no landlord to call if your roof is leaking or your toilet is clogged (on the plus side, there’s also no rent increase notice taped to your door
on a random Friday afternoon when you were looking forward to a nice weekend full of naps). While you should exercise restraint in purchasing the nonessentials, you shouldn’t neglect any problem that puts you in danger or could get worse over time, turning a relatively small problem into a much larger and costlier one. Hire Qualified Contractors Don’t try to save money by making improvements and repairs yourself that you aren’t qualified to make. This may seem to contradict the first point slightly, but it really doesn’t. Your home is both the place where you live and an investment, and it deserves the same level of care and attention you would give to anything else you value highly. There’s nothing wrong with painting the walls yourself, but if there’s no wiring for an electric opener in your garage, don’t cut a hole in the wall and start playing with
Continues On Page No 20
The Darproperty - January 2019 | 17 The Darproperty - August 2015 | 17
copper. Hiring professionals to do work you don’t know how to do is the best way to keep your home in top condition and avoid injuring - or even killing - yourself. Get Help with Your Tax Return Even if you hate the thought of spending money on an accountant when you normally do your returns yourself, and even if you’re already feeling broke from buying that house, hiring an accountant to make sure you complete your return correctly and maximize your refund is a good idea. Home ownership significantly changes most people’s tax situations and the deductions they are eligible to claim. Just getting your taxes professionally done for one year can give you a template to use in future years if you want to continue doing your taxes yourself. Keep Receipts for Home Improvements When you sell your home, you can use these costs to increase your home’s basis, which can help you to maximize your tax-free earnings on the sale of your home. Don’t Confuse a Repair with an Improvement Unfortunately, not all home expenses are treated equally for the purpose of determining your home’s basis. 18 | The Darproperty - January 2019
The TRA considers repairs to be part and parcel of home ownership -something that preserves the home’s original value, but does not enhance its value. This may not always seem true. For example, if you bought a foreclosure and had to fix a lot of broken stuff, the home is obviously worth more after you fix those items, but the TRA doesn’t care - you did get a discount on the purchase price because of those unmade repairs, after all. It’s only improvements, like replacing the roof or adding central air conditioning, which will help decrease your future tax bill when you sell your home. Get Properly Insured Your mortgage lender requires you not only to purchase homeowners insurance, but also to purchase enough to fully replace the property in the event of a total loss. But that’s not the only insurance coverage you need as a homeowner. If you share your home with anyone who relies on your income to help pay the mortgage, whether it’s a girlfriend or a child, you’ll need life insurance with that person named as a beneficiary so he or she won›t lose the house if you die unexpectedly. Similarly, you’ll want to have disability-income insurance to replace your income if you become so disabled that you can›t work.
Also, once you own a home, you have more to lose in the event of a lawsuit, so you’ll want to make sure you have excellent car insurance coverage. If you are selfemployed as a sole proprietor, you may want to consider forming a corporation for greater legal protection of your assets. You may also want to purchase an umbrella policy that picks up where your other policies leave off. If you are found at fault in a car accident with a judgment of $1 million against you and your car insurance only covers the first $250,000, an umbrella policy can pick up the rest of the slack. These policies are usually issued in the millions. Bottom Line With the great freedom of owning your own home comes great responsibilities. You must manage your finances well enough to keep the home and maintain the home’s condition well enough to protect your investment and keep your family safe. Don’t let the excitement of being a new homeowner lead you to bad decisions or oversights that jeopardize your financial or physical security. Written by Amy.
Enhancing access to affordable housing finance in Tanzania
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s is the case with all other goods and services, housing can either be a good idea when one buys it or service when someone rents it. Whether housing is a good or service, it is a fact that funds are needed to either build or pay rent the same.The money needed in both scenario can simply be referred to as housing finance. However, housing finance is a broad topic whose definition may vary across continents, regions and countries, particularly in terms of the areas it covers. For example, what is understood by the term “housing finance” in developed countries may be very different from what is understood in a developing countries. To confirm the versatility of the term, even the International Union for Housing Finance (IUHF), which is a multinational networking organisation, hasn’t yet came with an official position on what the best definition of housing finance is. As explained as we started this article, put simply, housing finance is what allows for the 24 | The Darproperty - January 2019
production and consumption of housing. It refers to the money we use to build and maintain the family or more broadly, the nation’s housing stock. But it also refers to the money we need to pay for it, in the form of rents, mortgage loans and repayments.” It follows that housing finance is not only important to buyers of houses but also play an important role to developers as well. As it can be quickly grasped, the availability of housing finance be it formal or informal is directly related to the housing status of individual and even the nation. Due to its pervasiveness and its cross cutting nature, no single player in the housing finance ecosystem can adequately do all what is required to ensure it functions effectively. It is from this background that it is important for key stakeholders to work together for mutual gains to ensure the availability and access to housing finance becomes an important part of the nation’s financial system. In
countries where the governments controls land ownership such as Tanzania, the role of government and its related institutions in enhancing access to and availability of housing finance becomes even more critical. Other players such as banks and financial institutions, developers, the civil societies and homebuyers are also equally important. It is important to note that the government’s recognition of the importance of housing as an important pillar of the economy dates back in 1962when the National Housing Corporation (NHC) became the first commercial entity to be established. This was accompanied with an annual and sizable allocation of financial resources to finance social housing programs countrywide in what then came to be known as ‘slum clearance’. Likewise the establishment of the Tanzania Housing Bank that closed shops in 1990’s was a move that strengthened the
Continues On Page No 38
reAl estAte the ABcs of reAl estAte mArKet equity Building up the gradual increase in a mortgagor’s EQUITY in a property caused by AMORTIZATION of loan principal. example: Echols bought a home for $50,000 cash plus a mortgage loan of $250,000, the total cost being $300,000. After 5 years, Echols had amortized the outstanding principal of the loan down to $210,000. Assuming the home was still worth at least $300,000, Echols now has an additional $40,000 in equity because of equity building through mortgage reduction. declining Balance depreciation a method of DEPRECIATION, often used for income tax purpose, whereby a rate is applied to the remaining balance to derive the depreciation deduction. Compare with ACCELETARED DEPRECIATION. Interim financing a loan, including a Construction loan, used when the property owner is unable or unwilling to arrange permanent financial. Generally arranged for less than 3 years, used to gain time for financial or market conditions to improve. example: Monroe developed an office building but, in the expectation of falling ITEREST RATES, does not wish to use permanent financing at this time. He arranges a 2- years interim loan, during which time he seeks favorable permanent financing. Panic selling widespread urgent dumping of property on the market in anticipation of a drastic reduction in property value. Most often the impetus of such selling is a perceived detrimental change in neighborhood conditions. example: When a registered sex offender moved into the neighborhood, an initial wave of panic selling lowered home prices by 25%. Partially Amortized loan one that requires some payments towards PRINCI PAL but does not fully retire the DEBT, thereby requiring a BALLOON PAYMENT. example: A 30 – years AMORTIZATION SCHUDULE is provided for loan that balloons in 10 years. Originally $100,000 of principal at 8% interest, this partially amortized loan balance will be reduced to $87,724 when it matures in 10 years.
government’s resolve to provide affordable end user finance to prospective home buyers. Similar to challenges facing other countries in the Sub-Saharan Africa, government’s expectations to see a full-functioning housing market have not matched economic realities to the extent that the pace of growth of the housing market has not been satisfactory over years. Under this scenario, the availability of affordable end user finance and developer’s finance appears to be a challenge to date. Central to the limited access to consumer housing loans is the fact that the income levels of the majority do not match loans repayment requirements. This limitation coupled with the cost of formal housing pushes many prospective buyers out of the formal housing market with the Tanzanian mortgage market contributing less than one percent of the GDP. Obtaining formal housing is often costly, requiring one to navigate through some regulatory and administrative requirements. A well functioning housing market can be a vital economic sector and potential source of job creation. The World Bank estimates that the housing investment in Sub-Saharan Africa represent up to six percent of the GDP and one house built can create up to five new jobs. It is commendable that the ongoing Housing Finance Project administered by the Central Bank has already started making strides in re-building the housing market.
One of the key component and achievement has been the opening of the housing micro-finance window administered by BOT and the establishment of the Tanzania Mortgage Re-finance Company (TMRC) whose key objective is to provide long term funding to banks that give home loans. This is an important development in addressing the challenge of consumer housing finance. The initiative of the government through social security institutions to establish Watumishi Housing Company (WHC) in 2014 was also a positive move in addressing the issue of both housing supply and developer’s finance. It would sound however, that more formal developer’s finance is needed to address the issue of massive financial resources that are needed not only to upgrade the existing informal housing development but also to implement new projects. This type of funding should be accessible to both public as well as private developers based on sound financial principles. It is estimated that more than ninety five percent of housing development in Tanzania is carried out by individuals or households from personal savings on incremental basis. It follows that encouraging people to save and providing avenues that simplify the ability of households to serve will have a positive effect in enabling people to own decent homes.
The younger generation is poised to benefit more as it has ample time to save over years. Ongoing initiatives by banks and even Savings and Credit Cooperative Unions (SACCOS) to create innovative financial products that allow people to save money needs to be commended. The awareness on new generation financial products such as Collective Investment Schemes and Real Estate Investment Trusts (REITs) need to be intensified as these instruments allow people to save small amounts over a long time hence addressing both immediate as well as future financial needed of households. In conclusion, Tanzania can expand access to decent housing and improve the quality of existing housing stock by addressing constraints facing home buyers and developers to access housing finance. While formal housing finance institutions will take time to grow and be able to save the majority and the fact that a significant part of the population has limited access to formal banking, it is relevant to continue encouraging and supporting grassroots savings programs such as SACCOs, housing cooperative and similar Collective Investment Schemes as these will continue to play a key role in supporting individuals and families to own decent homes
By Dr. Fred Msemwa. 32 | The Darproperty - January 2019
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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
37 the darProperty August 2014
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
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
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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.
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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
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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
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Darproperty Tanzania
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Business Development & Products
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INDEX
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By Block...........................................................14 China Gold......................................................17 CRDB Bank..........................................................2 Decostone.......................................................21 Ecoboxi..............................................................5 Godown...........................................................30 Kigamboni House...........................................16 Kunduchi Beach......................................1,22,23 Mlimani City......................................................7 Mpanji..............................................................48 MRG....................................................................42
ABC Attorneys
Nabaki Africa.................................................17
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
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For Comments, Complains & Compliments pr@darproperty.net Country Director - Kenya Xavier Nanchengwa Disclaimer The Darproperty is published by Darproperty Tanzania Company. All rights reserved. The contents and opinions expressed herein are not necessarily the representation of publisher’s view. All material published is deemed to originate from the author and will not accept any liability whatsoever in respect that have been sourced from contributors. Users are required to make their own judgement on the details contained in each advertisment. While every caution is taken in compiling the contents of this magazine, the publisher will not accept any liability for the effects arising thereof. No part of this publication will be reproduced with out written consent from Darproperty Tanzania Company.
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Proland...........................................................25 Shangani Apartment......................................9 Shanghai...........................................................4 Tanga Cement....................................................1 Tilcor................................................................39 Tmarc................................................................11 Ukuni Bagamoyo............................................36 Vicent Msasani...............................................24 Wintech............................................................37 Yapfix.................................................................6
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