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.
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