Diaspora advised on safe property investments
Real estate experts are advising Tanzanians living abroad to prioritize legal due diligence over personal trust when purchasing property in their home country. The warning follows a rise in fraudulent land schemes that have left many diaspora investors facing significant financial losses.
Why it matters
This highlights the economic risks faced by diaspora populations and the importance of formalizing property rights in developing real estate markets.
Dar es Salaam. Tanzanians living abroad have been urged to prioritise due diligence and formal legal procedures over personal relationships when investing in property back home, amid growing concerns over fraudulent land and property transactions that have cost some investors their life savings.
Real estate professional and author of The Tanzanian Diaspora Property Handbook, Emil Sylvester Mdinda, says diaspora investors are particularly vulnerable to property fraud because they often rely on relatives, friends or agents to complete transactions while they remain overseas.
"Trust the process before you trust the person," Mr Mdinda says in an interview, urging investors to conduct official land searches, insist on legally binding contracts and use secure payment arrangements before releasing funds.
Mr Mdinda who is a graduate from Ardhi University in Property and Facilities Management, manages institutional property portfolios worth millions of shillings.
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