TANZANIA MORTGAGE MARKET UPDATE AS AT 31 DECEMBER 2013

Highlights

• The mortgage market continued to grow steadily, recording an annual growth rate of 46%.
• 19 lenders are now offering mortgage products with more due to enter the market.
• Outstanding mortgage debt stood at TZS 156 billion.
• Average mortgage debt size was TZS 62 million equivalent to around USD 38,000.
• The ratio of outstanding mortgage debt to Gross Domestic Product (GDP) stood at 0.36%.
• Mortgage debt advanced by the top 3 lenders accounted for 67% of the total outstanding mortgage debt.
• High interest rates and lack of affordable housing remain the major constraints on market growth.
• Mortgage debt advanced by Tanzania Mortgage Refinance Company Limited (TMRC) to mortgage lenders accounted for 11% of the market's outstanding mortgage debt. 

Click here for the full report (Source: Bank of Tanzania)