Challenges Facing Real Estate Marketing and Its Impact on Economic Development in Tanzania

Social Science

The Tanzanian housing sector’s fast-growing demand is mainly driven by the fast-growing Tanzanian population which is estimates to be 53.47 million and that is expected to more than double by 2050 while increasing its growth rate from the current 1.56 million per year to 2.98 million per year in 2025 according to the United Nations (UN). In this study, the quantitative and qualitative approach was used. The primary data collected through questionnaires and interviews. From the finding, the study recommends reforms flexibility and improvement on laws especially land ownership which should be conventional to the local experiences and knowledge base. Enhancing access to social and economic services such as capital is paramount in the sector thus the study recommends improved infrastructural development including roads, communication, energy resources, water resource, and improved security. There is also a need for affirmative action to regulate real estate pricing, rental values to attract more local participations/clients thus be able to generate more revenue to facilitate capital accumulation, financial sustainability, and economic growth.

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