Dubai-Based Tanzanians Urged to Invest in Property Back Home
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Tanzanians living and doing business in Dubai have been encouraged to channel part of their earnings into property investment back home, amid growing opportunities in Tanzania's real estate and construction sectors.
Tanzanians living and doing business in Dubai have been encouraged to channel part of their earnings into property investment back home, amid growing opportunities in the real estate and construction sectors.
The call was made during a business forum organised by Tanzanian real estate development and property management company Mkuyu Africa in Dubai, which brought together entrepreneurs and traders to discuss investment opportunities in Tanzania, particularly in residential and commercial property.
The forum sought to connect Tanzanians who have established businesses in the United Arab Emirates with investment opportunities at home, while providing information on ways they can acquire property through formal financial institutions and structured payment arrangements.
"If you left Tanzania 10 years ago and returned today, you could be surprised by the major changes that have taken place in the construction sector. There has been significant development in the construction of commercial buildings, residential properties and rental housing projects," said Mkuyu Africa founder and managing director Juneid Othman. He cited developments in areas such as Kariakoo and Masaki as examples of the expansion of Tanzania's property market.
Othman said the availability of financing through banks and other financial institutions had created opportunities for Tanzanians abroad to invest without necessarily having to raise the full purchase price at once. "Investing in property in Tanzania can be part of their plans for the future while also creating assets for their families and future generations," he said.
Dubai-based trader Ashraf Mahamud said many Tanzanians in the UAE were interested in investing their earnings in Tanzania but needed reliable and structured ways of doing so. He said some had previously relied on relatives to purchase land or construct houses on their behalf, an arrangement that resulted in delays and other challenges, adding that structured investment arrangements, including purchases through financial institutions and instalment payment options, could provide an alternative.