The mortgage business has increased by 29 per cent in the second quarter of this year compared with the first one, but slowed down by high lending interest rates.
The Bank of Tanzania (BoT) said in a report yesterday that the market went up from 481.63bn/- as total lending at end of Q2 in June compared to 374.52bn/- in Q1. "The mortgage market in Tanzania has continued to grow steadily as the pace of housing investment picks up," BoT said. The increase, in year-to-year basis ending this June, registered annual growth rate of 44 per cent.
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