ZANZIBAR : ZANZIBAR’S real estate sector is experiencing a significant surge in investment, with 30 per cent of the 430 projects registered in the past four years dedicated to property development.
This growth underscores the rising demand for real estate in the Isles. The Minister of State, President’s Office–Economy and Investment, Mr Sharif Ali Sharif, said over the weekend at the launch of Coldwell Banker International’s operations in Zanzibar.
He said that the arrival of the company will stimulate economic growth through the real estate sector.
“We have improved our policies and laws, enhanced service delivery systems, including the issuance of permits and introduced incentives to attract investors.
“We are pleased to see that 30 per cent of the 430 projects registered in the past four years are in the real estate sector,” said Mr Sharif.
The Minister further said that these projects, registered under the Zanzibar Investment Promotion Authority (ZIPA), have a total investment value of 5.9 billion US dollars and the potential to create approximately 25,000 direct jobs.
“The government is committed to ensuring that investors face no challenges and we urge the public to continue cooperating with them while maintaining peace and security,” he said.
Highlighting the government’s land-use strategies, he said that Zanzibar is encouraging the development of high-rise, high-end properties to maximise land use efficiency and preserve the environment.
The Coldwell Banker International is envisage to further heat up competition, potentially attracting more investment and sparking innovative developments in Zanzibar’s real estate market.
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The Coldwell Banker Tanzania & Zanzibar, Chief Executive Officer, Ms Gina Washington, said that the company operates in over 40 countries worldwide and has 119 years of experience in the real estate sector.
“We strongly believe that we have made the right choice by investing in Zanzibar. The market is still developing in the real estate sector, offering significant growth opportunities,” she said adding “this is just the beginning as we also plan to open offices in Dar es Salaam and other parts of the country.”
The launch of Coldwell Banker Tanzania mainland and Zanzibar is expected to significantly boost the real estate sector, create new employment opportunities and position Zanzibar as a prime investment destination in East Africa.
