The mortgage market in Tanzania registered a 10 percent year-on- year growth in the value of residential mortgages from TZS 531.98bn recorded on 31 December 2022 to TZS 587.24bn as of 31 December 2023.

The number of banks and financial institutions reporting to have mortgage portfolios stood at 31 as of 31 December 2023.

Outstanding mortgage debt as of 31 December 2023 increased to TZS 587.24 billion1 equivalent to US$ 232.11 million as compared to TZS 531.98 billion2 equivalent to US$ 229.18 million reported on 31 December 2022.

Overall average mortgage debt size as of 31 December 2023 was TZS 100.30 million equivalent to US$ 39,643 marking an increase of 7 percent from TZS 93.53 million equivalent to US$ 36,967 reported on previous year.

The ratio of outstanding mortgage debt to Gross Domestic Product (GDP) increased to 0.37 percent compared to 0.32 percent recorded in the previous year.

Mortgage debt advanced by the top 5 Primary Mortgage Lenders (PMLs) accounted for 63 percent of the total outstanding mortgage debt.