Buying Real Estate in Zanzibar: Tips, Benefits, and Financial Services
How to Buy Real Estate in Zanzibar: A Comprehensive Guide for Buyers
Zanzibar is not only a popular tourist destination but also a growing hub for real estate investment and up and coming technology hub. If you’re interested in buying property in Zanzibar, this guide will give you valuable tips and insights.
Who can buy property in Zanzibar?
Citizens and foreigners over 18 years old can purchase real estate in Zanzibar.
How to buy property in Zanzibar?
In a nutshell the following are the steps to follow to acquire property in Zanzibar:
- Conduct a search through the land registry to verify ownership encumbrances.
- Buy the property and register the purchase agreement.
- Survey the land and place beacons on the property (if required).
- Apply for property transfer approval.
- Apply for a government lease.
Please note that it is highly recommended to seek professional legal advice throughout the property acquisition process in Zanzibar.
Financing options and mortgages
Tanzania mainland and Zanzibar has 47 licensed banks, including commercial, community, microfinance, development, non-bank financial institutions, house financing, and mortgage refinancing companies. Real estate agents and property developers work with these institutions to offer various financing options.
Transferring funds to buy property in Zanzibar
When considering a property purchase in Zanzibar, Clickpesa emerges as an excellent choice to meet your payment needs. As a well-established and highly regarded payment service provider specializing in cross-border payments and international money transfers, Clickpesa has earned a strong reputation among licensed and regulated companies facilitating seamless financial transactions into the region. What sets Clickpesa apart is its unwavering commitment to ensuring secure transactions. In this regard, Clickpesa has formed a valuable partnership with TZ ESCROW and Holding Limited, enabling the provision of reliable escrow solutions. This partnership effectively mitigates the risks associated with fraudulent activities, offering you peace of mind throughout your real estate transactions.
