National Housing Corporation (NHC) Director General, Hamad Abdallah has stated that the government’s decision to relocate activities to Dodoma had a negative impact on Dar es Salaam’s real estate market.
With administrative duties shifting to the central region, government-owned houses and real estate properties were left vacant, resulting in losses for NHC, which owns a significant share of real estate in Dar es Salaam.
However, the trend is gradually shifting in favor of Dar es Salaam as it retains its status as Tanzania’s commercial capital.
In another development, after seven years of stalling, construction is set to resume for the Seven-Eleven (711) residential real estate project located at the Mbezi Beach/Kawe roundabout in Dar es Salaam.
NHC’s DG, Hamad Abdallah, revealed that negotiations are ongoing, with 85 percent of the apartments already sold to tenants.
The project, valued at Sh105 billion, suffered substantial losses during the hiatus.