Prime
US real estate firm expands to Tanzania
What you need to know:
- Tanzania’s real estate market, valued at $1.5 billion in 2019, having grown from $1.2 billion in 2015, contributes 3.1 percent to the country’s economy
Dar es Salaam. American real estate company Coldwell Banker has expanded into Tanzania with the launch of its new master franchise in the mainland and Zanzibar, as it seeks to tap into the country’s fast-growing property market.
Tanzania’s real estate market, valued at $1.5 billion in 2019, having grown from $1.2 billion in 2015, contributes 3.1 percent to the country’s economy, according to Statista, with luxury beachfront properties and tourism playing key roles in driving growth.
Speaking during the launching ceremony recently, Coldwell Banker chief executive officer, Ms Gina Washington, said the company aims to meet the rising demand for quality real estate services in Tanzania.
“With urbanisation and economic growth fuelling demand, we are bringing world-class expertise to support local and international clients navigating the evolving property landscape in Tanzania and Zanzibar,” she said.
Headquartered in Mizizini, Zanzibar, the franchise will operate through two main divisions—Coldwell Banker Islemark Realty, which focuses on residential property, and Coldwell Banker Commercial Blueridge, which handles commercial real estate.
Ms Washington added that Coldwell Banker is committed to sustainable development and green building practices, ensuring long-term value for clients and communities.
Foreign direct investment (FDI) has also played a significant role, providing both capital and expertise that have boosted the real estate landscape in Tanzania.
Government efforts in Zanzibar to attract FDI, coupled with expanding tourism, are increasing demand for retail, hospitality, and residential developments.
“The real estate industry in this country is experiencing extraordinary growth. This is the perfect time to introduce the Coldwell Banker brand to the region,” Ms Washington said.
President of Coldwell Banker Affiliates, Mr Jason Waugh, said the company will bring its renowned service and expertise to Tanzania, adding that the move aligns with the brand’s global expansion strategy.
“We are excited about the opportunities here and committed to delivering the same high standards that define the Coldwell Banker brand worldwide,” he said.
Founded in 1906, Coldwell Banker operates over 3,000 offices in nearly 50 countries.
Local real estate agent Ms Annabelle Maimu noted that developers are diversifying their offerings to meet varied consumer needs, ranging from affordable housing for low- and middle-income earners to luxury developments for high-net-worth individuals.
“The market is evolving, with more options catering to different segments of the population,” she said. Government policies, including tax incentives for developers and public-private partnerships, have also boosted the sector by attracting investment and facilitating construction projects.
