Absa signs condo mortgage deal to attract investors in hospitality industry

ABSA Bank Tanzania has entered into a mortgage agreement with the Squid Zanzibar Limited to provide loans for Tanzanians wanting to invest in a five-star luxury condo resort in the Isles.

In this project, the individual unit owners will be able to rent to short-term guests as if it were a hotel property.

Squid Zanzibar Man aging Director Mr George Alexandru said the deal en able investors to get a loan from Absa and invest in Zanzibar’s five-star resort and rent out condos as a serviced holiday or corporate stay space through an onsite hospitality management company.

“We are really thrilled to have secured this mortgage agreement with Absa,” Mr Alexandru said: “this is a once-in-a-lifetime investment opportunity for those who have been looking to get into the hospitality business without wanting to deal with the hassles of day-to-day management of a hotel”.

He said the projected returns generated by renting out condos are expected to exceed the estimated mortgage installment amounts thus allows an investor to enjoy life without worrying about fulfilling their mortgage repayment obligation.

Absa Tanzania Head of Retail Banking Ms Ndabu Swere said they revamped their mortgage proposition in February and envisage continuing to enhance the lender’s proposition even further.

“And now within just six months we have come up with another great proposition that’s first of its kind in the market,” Ms Swere said adding: “This is not only a mortgage – it’s a three-in-one solution, a mortgage, an investment and an investment management service package.”

The mortgage is flexible and has a payment term of up to 25 years which translates to lower monthly installments, coupled with affordable interest rates.

The condo mortgage is open to both resident and non-resident, which means that even relatives in the diaspora can also benefit from the bank’s home loan and capitalise on this great investment opportunity while continuing with their work abroad.

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