Excerpt from Africa Housing Finance Yearbook 2014


Tanzania is a growing economy, straddling the East African and Southern African economic development communities. The country is one of the fastest growing countries on the African continent, and is rich in natural resources. At least 30 percent of the country’s 45 million people live in urban areas, and the country is experiencing an urbanisation rate of six percent per annum.

The country has experienced impressive growth rates over the past decade. After rebasing the gross domestic product data in 2014, to factor in expanding industries (e.g. mining and natural gas), the Tanzanian government expects the economy to increase by 20 percent. This growth is underpinned by: rising investment in the natural gas sector; firm growth in private consumption; and growth in the telecommunications, transport, financial services and manufacturing sectors. The construction sector is also expected to grow as further investment is made in the gas, transport, power and urban property development sectors.

Tanzania has suffered high inflation rates over the past few years, with inflation of 16.1 percent in 2012. However, helped by falling food prices, the

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Excerpt from Africa Housing Finance Yearbook 2014


Tanzania is a growing economy, straddling the East African and Southern African economic development communities. The country is one of the fastest growing countries on the African continent, and is rich in natural resources. At least 30 percent of the country’s 45 million people live in urban areas, and the country is experiencing an urbanisation rate of six percent per annum.

The country has experienced impressive growth rates over the past decade. After rebasing the gross domestic product data in 2014, to factor in expanding industries (e.g. mining and natural gas), the Tanzanian government expects the economy to increase by 20 percent. This growth is underpinned by: rising investment in the natural gas sector; firm growth in private consumption; and growth in the telecommunications, transport, financial services and manufacturing sectors. The construction sector is also expected to grow as further investment is made in the gas, transport, power and urban property development sectors.

Tanzania has suffered high inflation rates over the past few years, with inflation of 16.1 percent in 2012. However, helped by falling food prices, the Bank of Tanzania (BoT or central bank) aims to reduce inflation to just above six percent in the short to medium term.

These positive economic indicators and reforms, as well as stable political leadership, have resulted in substantial multilateral and donor support for the country’s development agenda. Some of this support is specifically targeted at developing the housing finance sector.


Access to finance

After two decades of economic liberalisation, Tanzania has 53 commercial banks and other private financial institutions. Despite this diversity, the Tanzanian financial system is largely concentrated in commercial banking and is relatively small, with the financial sector playing only a minor role in the country’s economy. The private banking sector is sound and profitable, with capital adequacy ratios of 18 to 20 percent, well above regulatory standards. The weakest area for Tanzanian banks is a considerable exposure to interest rate risk, resulting from large government bond holdings. Furthermore, the interbank market remains underdeveloped.

In 2012, the World Bank launched the Global Financial Inclusion (Global Findex) Database to explore levels of financial inclusion around the world. According to Findex, 14.2 percent of rural and 40.6 percent of urban Tanzanians over 15 years of age have an account with a formal financial institution. While 43.6 percent of Tanzanians over the age of 25 report that they have saved in the past year, this appears to be mainly informal: only 13.3 percent have saved at a financial institution and 9.7 percent through a savings club. Credit is not widely used. Only 8.1 percent said they had a loan from a financial institution in the past year. According to Finscope (2013), the greatest area of growth in the non-bank formal sector has been in mobile facilities where there has been a huge hike since 2009, from almost nothing to 50 percent of the population. The number of people using insurance, while still small, has doubled since 2009, which is largely accounted for by the rise in the use of health and medical cover.

In 2010, the Bank of Tanzania issued regulations for a credit reference bureau within the framework of the Bank of Tanzania Act of 2006. The intention is to have a state-owned, central databank that is managed by the Bank of Tanzania, from which licensed private credit bureaux can access data. Banks and other regulated financial institutions must report to the register, while reporting by non-bank financial institutions is voluntary. While the Bank of Tanzania invited applications for credit reference bureau licences from the private sector in 2011, in 2013 there are still no public or private credit registries operating in the country. Consequently Tanzania scores 145th globally in terms of ease of getting credit, out of 189 countries in the World Bank’s Doing Business Report for 2014.

Tanzania’s mortgage market is among the smallest in the East African region (the ratio of outstanding mortgage debt to GDP is 0.36 percent). Very few Tanzanians – only 6.7 percent of the top 60 percent of income earners and one percent of the bottom 40 percent of income earners – report having an outstanding loan to purchase a home. Loans for home construction are slightly more prevalent, however, with 10.8 percent of the top 60 percent of income earners and 3.1 percent of the bottom 40 percent of income earners having home construction loans currently outstanding.

That being said, according to the BoT (2013), the mortgage market has continued to grow steadily, recording an annual growth rate of 46 percent in 2013. A key element in the growth of the mortgage market has been the provision of long term funding both in the form of re-financing and pre-financing by the Tanzania Mortgage Refinance Company (TMRC). The total number of mortgage loans also grew rapidly from 1 889 in January 2013 to 2 784 by the end of last year. 19 lenders are now offering mortgage products (from only two in 2011) with more due to enter the market. Mortgage debt advanced by the top three lenders account for 67 percent of total outstanding mortgage debt. Azania Bank, which has the longest presence in the mortgage market, was the market leader commanding 24 percent of market share, closely followed by Stanbic with about 21 percent and the TMRC accounting for 11 percent of the market share. In December 2013, outstanding mortgage debt stood at TZS156 billion (US$96 million). Average loan size as at 31 December 2013 was TZS62 million (US$38 000) – a decline from the previous year when the average loan size was TZS73 million (US$44 000). The average loan size varies greatly across the different lenders reflecting different strategies and customer bases. Mortgage tenor has increased from 10 to 20 years.

Demand for housing and housing loans remains extremely high but is constrained by inadequate supply of affordable housing and high interest rates. Recent rises in the Treasury Bills rate to 15 percent (those with a maturity of 182 days) will have a negative impact on the affordability of all forms of long term debt, including mortgages. Typical rates offered by lenders vary between 16 and 21 percent. Most lenders offer loans for home purchase but increasingly different products are emerging such as loans for self construction and for equity withdrawal, which continue to be expensive and beyond the reach of the average Tanzanian.

Given affordability levels, the microfinance sector is especially important in addressing housing supply in Tanzania and is growing steadily. A study commissioned by the Bank of Tanzania found that 41 percent of Tanzanians who borrow microloans planned to use these for housing construction or improvements. Some 19 MFIs report to the Mix Market, an online source of microfinance performance data and analysis. In 2014, these lenders had a gross loan portfolio of US$1.1 billion and 456 636 active borrowers and almost 695 685 depositors. The largest microlender in Tanzania is the National Microfinance Bank (NMB), with a gross loan portfolio of US$774 million. NMB has no housing microloan product, but recognises that up to 40 percent of the consumer loans it grants are used for housing purposes. In 2011, the Tanzanian government announced a plan to establish a Housing Microfinance Fund (HMFF) with a US$3 million contribution from the World Bank. Progress has been slow; according to the World Bank, by October 2012, 1 090 housing microfinance loans had been approved, towards a March 2015 target of 8 000; seven microlenders were providing housing microloans, towards a March 2015 target of 12; and the HMFF had extended no loans, though it has a target for 2 500 loans extended by March 2015.

Commercial MFIs are also entering the affordable housing space. Akiba Commercial Bank piloted a home improvement loan in May 2012, with loan amounts ranging from TZS2 million (US$1 202) to TZS50 million (US$30 058), repayable over 24 months at an incentivised interest rate of 19 percent, compared to 20 to 22 percent for regular business loans. Pension funds are also advancing mortgage loans to their members, and this will lead to a boost in the mortgage market.



According to FinScope Tanzania 2013, 53 percent of all adults in Tanzania earn less than TZS50 000 (about US$30) a month. 4.5 percent of adults are employed in the formal sector, and another 22.4 percent earn their incomes from running their own business (not farm related). Nearly a quarter of the population are dependent on others for their source of income. The Household Budget Survey of 2011/12 revealed that approximately 12.3 million of Tanzanians were living below the poverty line. According to the United Nations, 90 percent of Tanzanian’s have no protection in the event of life contingencies, livelihood shocks or severe deprivation. A National Social Protection Framework has been in development, but the process has been stalled since 2011, and the framework is still awaiting approval. In 2011, the Gini coefficient rose to 0.36.

As mentioned, the average mortgage size is TZS62 million (US$37 271), and so most clients are high income earners. Yet more than 70 percent of Tanzanians have incomes of less than US$150 a month, and so are unable to access mortgage finance. Even the National Housing Corporation, with a two-bedroom unit selling for TZS46.98 million (US$30 045), is accessible only to higher and middle income earners. Therefore, most households finance their housing through cash sourced from household savings, others include micro credit loans and personal loans. A number of NGOs cater for the lower income market segments, but their reach is insufficient to meet the scale of demand.

Furthermore, according to Shelter Afrique (2010), due to the fact that there are no professional real estate developer associations in Tanzania (for a number of reasons ranging from a lack of access to finance to the high cost of imported materials and the lack of supporting infrastructure) developers are forced to find their own solutions which invariably raises the prices of houses significantly.

However, as mentioned, mortgage financing institutions offer loan terms that range from five to 20 years, with an interest rate of between 16 and 22 percent. The TMRC intervention has had a positive impact on interest rates. TMRC member banks can currently borrow from the TMRC at 11.5 percent and are therefore able to on-lend to their customers at lower mortgage interest rates than those prevailing in the market. As indicated earlier, in 2013, it was announced that a new Public Servant Housing Scheme will offer soft loans, at between 10 and 13 percent, over 25 years, to civil servants who wish to buy or build their own homes. The intervention includes a plan to make housing more affordable and deliver 50 000 units in the first five years of the scheme.

A 50kg bag of cement costs US$8.90, but is more expensive in rural areas. A standard sheet of surrogated iron for roofing, gauge 28 is US$12.00, gauge 30 is US$9.60 and gauge 32 is US$8.40.

The price of the cheapest house for a formal developer is US$27 910 VAT inclusive, or US$23 653 VAT exclusive. This is 60m2. Standard two bedroom houses cost US$20 568, VAT exclusive. The minimum plot size for residential property in urban areas is 400m2.


Housing supply

Tanzania suffers from a shortage of good quality and affordable housing. The current housing deficit is estimated at three million housing units coupled with a 200 000 unit annual demand. Over 70 percent of its urban residents live in unplanned and unserviced informal settlements. Only 15 percent of households in Tanzania have electricity, with a very large disparity between urban and rural households in mainland Tanzania (45 percent and three percent respectively). Infrastructure and services, where available, are provided and maintained by local authorities, sometimes in collaboration with communities. Two in three households in Tanzania (67 percent) live in dwelling with earth, sand or dung flooring. Cement flooring only accounts for 30 percent of households. Over 80 percent of urban residents are tenants, living under a pro-landlord legislation that forces people to pay annual rent upfront in the wake of a limited supply of good houses and ever increasing cost of living.

98 percent of existing housing is built incrementally by individual households, taking between five to 10 years to complete. A variety of locally available and imported building materials are used to construct homes in Tanzania. Most houses in low income areas are multi-family units shared by several households renting a room or two. However, even self built housing units are being hampered by a shortage of serviced land. Land for housing is accessed through formal and informal systems. The informal system has contributed to the growth of informal housing areas where 50 to 70 percent of urban residents live.

The government of Tanzania has also played a pivotal role in ensuring that the huge housing gaps are addressed. The National Housing Corporation (NHC) announced in 2011 that it was raising its budget from US$23 million to US$230 million to increase the scale of delivery in the country. Alternative building materials are being explored as a way to deliver these houses on a rapid scale. Under the new ‘Civil Servants Housing Scheme’, 50 000 houses will be constructed over the next five years. Furthermore, under the Tanzanian Building Agency, the government aims to construct 10 000 houses. The NHC is also investigating various initiatives and technology solutions. For example, the NHC is building a land bank for the acquisition of property across Tanzania to support its development plans. Further, new housing development will complement urban renewals and slum clearance initiatives, and are likely to contribute to the development of new satellite cities. The NHC is working within a five-year strategic plan until 2015, with the overall vision of becoming a leading real estate development and management firm in Tanzania. As part of this vision, the NHC plans to build a minimum of 15 000 housing units (including 5 000 affordable houses) for both sale (70 percent) and rental (30 percent), assuming the role of a master developer.

To June 2012, the NHC had a total of 181 joint venture projects under way, of which 54 were completed, 60 were under construction and 67 had been stalled. Currently, 38 residential projects comprising 4 140 housing units, and 14 commercial projects, are in various stages of development. Past and current projects include multiple five-storey walk-ups, one project of semi-detached houses and one high-rise project. In September 2012, the NHC announced a development in Arusha in northern Tanzania, which was expected for completion by January 2013. Some 100 apartments of 60m2 each were offered for sale at TZS82 million (about US$49 294). Plans for a development in Kilimanjaro are also under way. To support the participation of banks in the housing delivery programme, the NHC has signed agreements with 12 banks according to which the banks agree to finance homebuyers and the NHC agrees to buy back properties from defaulting borrowers. The NHC signed an agreement with insurance company MGen Tanzania to support this undertaking. Furthermore in 2013, the NHC announced that it would add 510 housing units to the housing market in Dar es Salaam within the next two and half years, as part of three projects worth TZS124 billion (US$75 million). The three high rise modern housing projects are expected to house over 3 000 people and have areas for commercial and recreational facilities. Apart from these three projects, another four projects of 1 000 units are expected to be launched. These projects include: twin towers of 26 floors each built by China Railways Jianchan Engineering at TZS68.3 billion (US$40.8 million); three storey buildings each with 16 floors at a cost of TZS30.3 billion (US$18.1 million) to be undertaken by Group Six International; and two structures with 16 floors at a cost of TZS24.9 billion (US$14.8 million) to be implemented by Estim Construction.

To finance these projects, the government has allowed the NHC to borrow TZS300 billion (US$180 million). So far, the NHC has entered into agreements with eight local banks for loans amounting to TZS165.4 billion (US$99 million), and has already drawn down TZS68.5 billion (US$41 million) to finance the ongoing projects.

Further, to promote housing development more aggressively, the NHC has developed an investment policy for partnerships with private players. Three models are available: (i) a ‘land as equity contribution’ model in ventures involving the development of prime commercial and residential rental properties; (ii) a ‘land and finance’ contribution model in ventures involving the development of prime commercial and mixed-use rental properties; and (iii) a ‘revenue sharing’ model in ventures involving the development of residential properties for sale.

NHC’s rental portfolio performed better than the sale of houses. During the year ended 30 June 2013, rental revenue increased to TZS63 billion (US$38 million) as compared to TZS47 billion (US$28 million) achieved in June 2012. This increase is attributed to the following factors: Rent increase for tenants who renewed their contracts during the year; and additional rental units from completed investment buildings. NHC has sought to increase its rentals to 60 percent of market rates, up from the average of 30 percent of market rates that NHC tenants were charged in the past. The NHC’s stock comprises 2 389 buildings which have 17 111 rental units valued at US$1.1 billion. These properties are mainly in prime areas of major urban centres. The goal is to reach an average of 85 percent of the market rate by June 2015. The NHC succeeded in increasing its annual rent collections from 85 percent to almost 100 percent in 2012.

Finally, NGOs in Tanzania also support poor people’s efforts to gain access to housing. The Centre for Community Initiatives (CCI) supports the Tanzania Federation of the Urban Poor, a network of slum dwellers who are members of SDI. UK-based NGO Homeless International supported the work of CCI since 2007, mobilising 7 000 federation members in six cities piloting water supply rehabilitation and toilet construction projects in Dodoma and Arusha, piloting a resettlement project for 500 families in Dar es Salaam and negotiating for upgrading in another. However, according to the organisation’s website, it appears this NGO no longer operates in Tanzania.


Property markets

At 145th of 189 economies on the World Bank’s 2014 Doing Business Report, Tanzania ranks poorly in terms of ease of doing business. It ranks 146th in terms of ease of registering property, down from 140th in 2013. It takes eight procedures and 68 days to register a property, at a cost of 4.5 percent of the property value – almost three times longer than the time it takes in Organisation for Economic Cooperation and Development (OECD) countries, but comparable in terms of cost.

Lenders argue that an inadequate supply of mortgageable units makes it difficult for a vibrant property market to exist. Recent offerings by the NHC have been sold out within days of becoming available. The demand for new, affordable housing is considerable. A more fundamental problem, however, is the lack of land titles. Data from the Bank of Tanzania suggests that 75 percent of land is not surveyed in Dar es Salaam.

The government remains the sole and primary instrument for land delivery. While in principle, rights of occupancy can be bought, sold, leased and mortgaged in Tanzania; in practice the land market is inhibited by many layers of government control. According to Shelter Afrique (2010), the formal market for transfers requires government approval, and land received through grants must be held for three years before the landholder can sell the rights. The transfer of a granted right of occupancy must be approved by the municipality and registered. A holder of a customary right of occupancy can sell the right, subject to the approval of (and subject to any restrictions imposed by) the village council. Mortgages are regulated by formal law, and land rights must be registered before they can be mortgaged. There is a very limited formal land sale market in Tanzania, and little information is available concerning its operation. Most land transactions occur on the informal market, and these tend to be leases. In rural areas, land sales were historically conducted between members of families or clans.

With notable inefficiencies, land acquisition, although improving, has been a hurdle in many respects towards the development of an efficient housing market; along with the limited availability of mortgage financing to support housing development. In recent years, the Ministry of Lands, Housing, and Human Settlements Division has undertaken a drive towards implementing key steps such as improved plot allocation in greenfield areas, land regularisation and titling in existing informal settlements that will enable it to encourage land development.

Finally, the foreclosure process in Tanzania needs reform. All foreclosures require court action, and there is a reported cautiousness by banks to lend because of difficulties with this process. These include long delays because of the backlog of cases in the courts as well confusion over which courts hold jurisdiction, allowing for forum shopping by litigants. One bank has indicated that as a result, mortgage lending is more like ‘relationship banking’, in which the lender relies on its knowledge of the client rather than on the collateral value of the property being financed.


Policy and regulation

Since the time of independence in 1961, the government has recognised housing as one of the basic needs for all. The Ministry of Lands, Housing and Human Settlements Development has been mandated to administer land and human settlement in Tanzania on behalf of the President of Tanzania who serves as the trustee of all land.

Established by Act of Parliament No. 45 of 1962, the National Housing Corporation (NHC) was for a long time the main property developer in the country having constructed 14 145 housing units between 1962 and 1974 before registering significant decline in the construction of housing stock as a result of limited government budget, increased construction costs and high inflation rates. As mentioned, NHC has equally been responsible for managing its rental housing stock aside from building houses.

While housing development in Tanzania is guided by the National Human Settlements Development Policy of 2000, the policy’s objectives largely caters towards the provision of adequate shelter, an efficient land delivery system, service provision and better rural housing without specifically addressing the problems within the housing sector. Efforts are currently underway towards developing a housing policy that will aim to the address key issues surrounding the housing sector.

Mortgage lending began in 1972 with the establishment of the state-owned Tanzania Housing Bank. By the time the bank collapsed in 1995, it had provided about 14 000 mortgages – the extent of Tanzania’s mortgage industry.

The Mortgage Finance Act of 2008, developed with the support of the World Bank, led to the establishment of the TMRC in early 2010. TMRC is a secondary or wholesale mortgage liquidity facility created as a private sector institution owned by the banks with the sole purpose of supporting banks to do mortgage lending by refinancing banks’ mortgage portfolios – similar to the Egyptian Mortgage Refinance Company. Licensed by the Bank of Tanzania as a non-deposit taking financial institution for the purpose of conducting its business, the TMRC will also be licensed by the Capital Markets and Securities Authority for the purpose of bond issuance. Initially, the TMRC used a World Bank loan to refinance the portfolio of member banks. Once this is exhausted, the TMRC will raise funds from the capital markets by issuing bonds, acting as an efficient way of connecting long-term investors with the institutions generating long-term assets. Over time, it is hoped that the TMRC will lead to the establishment of specialised housing finance companies in the private sector. The TMRC has 11 shareholding banks, all of which plan to offer mortgages: Azania Bank, Bank of Africa Tanzania, National Bank of Commerce, CRDB Bank, Exim Bank, National Microfinance Bank, BancABC, NIC Bank Tanzania, DCB Commercial Bank, Tanzania Investment Bank and the People’s Bank of Zanzibar. The TMRC initially made slow progress due to a lack of readily available mortgage portfolios in the market. A low disbursement rate and very limited movement against the project indicators contributed to the need to restructure the project, which was finalised in May 2013. This has allowed the TMRC to pre-finance as well as refinance mortgage portfolios from participating mortgage lenders.

In 2014, TMRC had extended loans by TZS34 billion to its member banks in a bid to increase mortgage lending. Seven banks have so far borrowed from the mortgage company, namely CRDB, Azania Bank, Bank of Africa, EXIM Bank, BancABC, I&M Bank and DCB Commercial Bank. Mortgage loans’ average duration has also increased since the creation of the TMRC, from five to 10 years to 15 to 20 years.

Also, in 2010, the Bank of Tanzania began the implementation of the Housing Finance Project (HFP). HFP is a government and World Bank initiative that aims at creating and developing a sustainable, market-based mortgage market through the provision of medium and long term liquidity to the mortgage lenders. The formation of TMRC is one of the three components of the HFP, with the other two including the development of housing microfinance and the expansion of affordable housing supply.

Finally, prudential norms were created for microfinance institutions in April 2005, intended to increase wholesale funding to MFIs and ensure their financial viability. Broader finance reform has also been initiated by the Bank of Tanzania through the Banking and Financial Institutions Act, the Bank of Tanzania Act and Companies Ordinance. In 2013, the Bank of Tanzania launched its Financial Inclusion Policy, targeting 50 percent formal financial inclusion by 2016. The proposed strategy tackles supply side, demand side and structural obstacles. Furthermore, priorities for this framework includes priorities such as payment platforms, infrastructure and consumer protection.



The affordable housing market in Tanzania provides enormous potential for growth as large scale production is required. The relatively healthy economic growth and good political management of the country provide an adequate platform for this. There is a great need for housing construction finance as well as affordable major/trunk infrastructure finance. Also, the use of alternative and lower-cost technologies and materials is a key area of opportunity and has the potential to bring down the long-term costs associated with building housing.

Beyond mortgage finance, there are real opportunities for growth in the housing microfinance sector, which is also receiving policy attention and funding support. High levels of self-build coupled with a vibrant microfinance industry with good links to the formal banking sector, and experimentation with housing, mean that housing microfinance has enormous potential to contribute towards housing the majority of the population.



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*Assumed Exchange rate of US$: TZS is 1:152.03


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