Tanzania: Government to Establish Real Estate Regulatory Body Next Year

Dar es Salaam — The government plans to establish a regulatory body for the real estate sub-sector, minister for Lands, Housing and Human Settlements Development William Lukuvi has revealed.

Currently, according to Mr Lukuvi, his ministry is putting some final touches on the draft so that the Bill can be tabled in the Parliament. However, he did not disclose when the Bill will be tabled but expressed his optimism that it will be enacted before the end of next year.

He was speaking during a ceremony to officiate the opening of the 21st African building expo held in the city on Thursday, September 1.

According to him, the ministry has already collected opinions from stakeholders.

The new real estate regulatory body, if established, will be responsible for registering real estate agents as well as regulating renting prices.

“I understand how brokers are pinching money from tenants and that is why we have decided to come up with a draft to establish a regulatory body for the sub-sector,” said Mr Lukuvi.

So far, middlemen demand some money equivalent to one month’s rent from the tenants they help land accommodation, according to him.

“We want to attract many large investors, who for years have been lamenting about the huge premium levy. I am positive that the law will make them have a huge sigh of relief.”

The law also provides that for anyone to be licensed as a registered agent by the board they should be holders of an advanced diploma or a degree in estate management.


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Publish date : 2018-11-02 06:45:27

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