The 4th Darproperty Expo held this year brought together over 30 major players in the Tanzanian real estate industry. Some of the notable brands in real estate included NABAKI, ALAF, Builder’s Centre and Mbuyako enterprises, who showcased their construction products to thousands of locals and foreigners. Also in attendance were small scale manufacturers and importers of home products and construction equipment, landscapers, mortgage lenders, government agencies, and home service providers.
This is the first annual property expo from Darproperty that brought together both mainstream and upcoming brands in the real estate industry. The venue also changed from Diamond Jubilee to an even more vibrant Mlimani City Conference Center in Dar es Salaam.
Darproperty expected this year’s attendance to hit a new record of 10,000 prospective clients, and it is easy to see where such optimism stems from. The Tanzanian economy has steadily grown by 7%for the past 10 years which also means an increased income per capita. In addition, interest on mortgage has lowered from 22% to 6% making housing more affordable. There is also an influx of mortgage lenders with competitive rates for housing consumers.
The property sector has also witnessed a rising demand for housing that exceeds the existing supply. Demand for housing has risen to over 200,000 houses per year since 2015. Given the current situation in the Tanzanian real estate industry, there seems to be a shortage of 3 million houses to cater to the rising population of over 53.47million; which is said to double by 2050.
This is a good thing as it gives the Tanzanian government and real estate realtors, a challenge to work on. Tanzania now partners with foreign governments and real estate institutions to come up with more housing solutions. The recent property expo saw an increase of property exhibitions from countries like Kenya, China, U.A.E, and Mauritius.
Good Signs For Real Estate Realtors
The growth of the expo has grown by 20% from previous years, with both participants and visitors increasing despite the current financial drawbacks in the country. It goes to show the desire for local investors to invest in real estate has increased. In a nutshell, real estate stakeholders who want to explore the scene should learn to utilize exhibition platforms, such as the Darproperty event, to increase awareness of their products. Better yet, they should use digital platforms such as ZoomTanzania, to reach potential clients.