Impact of Real Estate Investment Towards Economic Development Opportunities 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). This study employed both the quantitative and qualitative approaches were used using primary data and secondary data for this study. The study findings recommend reforms flexibility and improvement on laws especially land ownership which findings of this study show that the real estate marketing and investment has a great potential for growth in Dodoma and is strategically positioned to fill up this gap on demand for facilities such as housing and accommodation, commercial offices, hotels, guest houses, lodges, etc. The potential for growth of real estate marketing and investment also comes with a greater and wide range of job opportunities under economic circumstances for people in agriculture, service sectors, traders, and manufacturing subsectors thus contribute to the economic growth of the region and the country. In relation to the technical nature of the real estate business especially the marketing and investment components, the study recommends that pro-active measures are needed to inject professionalism in the sector and the need for implementation of real estate management systems.

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