Tanzania: Dar es Salaam Real Estate Market Overview 2011 ...

This overview provides highlights of the industrial, retail, office, and residential real estate markets in Dar es Salaam, the capital of Tanzania.

Office market

Dar es Salaam is Tanzania?s largest city and most important commercial centre. The main office locations in Dar es Salaam are the traditional CBD, the Gardens area to the east of the city and, increasingly, Ali Hassan Mwinyi Road. Encouragingly, most of the office space completed within the last two years has been occupied and vacancy levels remain very low for both the prime and older stock. No new completions entered the market during the second half of 2010 and the next developments due for completion are not expected to come on stream until the latter part of 2011. As a consequence, there is likely to be a shortage of office accommodation in the first half of 2011, resulting in rising rents.

Retail market

Mlimani City Mall remains Dar es Salaam?s largest purpose-built shopping centre. With the failure to develop Dar Village, no other competing developments have yet been completed. There is however some limited new retail space which should be completed by the latter part of 2011. Most of this space will be in the city centre and is located in mixed use developments including Viva Towers and Uhuru Heights.

Industrial market

The industrial sector continues to be dominated by owner occupiers. The Millennium Business Park remains the only major industrial development in Dar es Salaam, though new stock has become available in the industrial area on Nyerere and Mandela Roads as a result of the redevelopment of older warehouses. These schemes have created modern warehouse buildings which can be subdivided into smaller premises, offering some tenants rentable space which meet their requirements.

Residential market

Both prime residential rents and capital values in Oyster Bay and the rest of Msasani Peninsula have increased, especially for stand-alone properties. The supply of apartments and townhouses has also increased and there is a good pipeline of future stock which is expected to come on stream in late 2011 or early 2012. As a result of the increased supply, rents and capital values are likely to come under pressure.

This is an excerpt from the Africa Report 2011?on the real estate market in Africa produced by?Knight Frank. Permission?to reuse granted by Knight Frank.

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Source: http://www.afribiz.info/content/tanzania-dar-es-salaam-real-estate-market-overview-2011

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