Tanzania mortgage market decline by 16 pc

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By Mnaku Mbani
The Tanzania mortgage market registered a decline of 16 percent during the third quarter of year 2016 compared to a growth rate of 29 percent recorded in Q2 2016. Likewise, the number of mortgage accounts declined from accounts 3,627 reported in Q2 2016 to 2,981 accounts as at end of Q3 2016. According to the Bank of Tanzania mortgage report for the third quarter of last year, the decline was mainly attributed to correction in reporting by the banks where some commercial property loans were removed to only report residential mortgage loans.

An overall growth rate of 13 percent has however been recorded for the three quarters of 2016.
“28 lenders were offering the mortgage product as at 30 September 2016, there being no new entrants in the mortgage market after the entrance of Diamond Trust Bank (T) Ltd. in Q2 2016,” says a report.
The Outstanding mortgage debt as at 30 September 2016 stood at TZS 404.42 billion1 equivalent to US$ 185 million (TZS 481.63 billion as at 30 June 2016).
The report shows that an average mortgage debt size was TZS 136 million, which is equivalent to around US$ 62,060.92 (US$60,634.24 as at 30 June 2016).
The ratio of outstanding mortgage debt to Gross Domestic Product (GDP) stood at 0.44 percent (0.53 percent as at 30 June 2016). Mortgage debt advanced by top 5 lenders accounts for 68 percent of the total outstanding mortgage debt.
Typical interest rates offered by mortgage lenders ranged between 16 -19 percent.
The current real estate development projects that are under way, as well as those that are being developed, have created various opportunities for interested local and foreign investors.
The Tanzanian housing sector’s fast-growing demand is mainly driven by the strong and sustained economic growth with GDP growth averaging 7 percent over the past decade (7.1 percent in year 2015), the fast-growing Tanzanian population which is estimated to be 53.47 million.

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