Buying real estate in Zanzibar is advisable since it can be a good investment; however, it is good to have expert consultation. They understand how the process works when they are interested in buying real estate in Zanzibar. Zanzibar appeals to both local and foreign buyers owing to its natural endowment and increasing tourism hub.
Investigations and Selection of the Property
The first one involves searching for available property. As for the purchase of property, Zanzibar’s real estate includes exclusive seaside resorts and regular houses or office spaces. There are various features to look at, like the place or area, kind of property, and, of course, your pockets. Even though it may often be intimidating when you’re doing it on your own, it is easier when you get the help of the local real estate agent in choosing the best areas and available stocks.
Legal Requirements
It is okay for foreigners to own Villas In Zanzibar despite this prohibition the law has some exceptions. Foreigners cannot acquire a freehold interest in land directly but may develop a leasehold interest for a term not exceeding 99 years. The leasehold system gives foreign buyers the privilege of owning property for a longer duration. Hiring a lawyer practicing in that state focusing on property law is appropriate.
Due Diligence and Agreement
Now for the details: when you’ve set your sights on a given property, you must conduct extensive research. These involve the confirmation of the ownership of the property, confirmation of the titles of the land, and confirming the taxes and charges on the property. Once all the confirmation is complete, a sales agreement is then developed. Both parties will initial the contract, and the buyer will contribute a token of 10-20% of the price of the good.
Final Steps and Transfer
The last payment is made after the agreement is signed. Subsequently, the property is transferred, and the leasehold instrument is registered. It may take a few months, but with the right advice, any interested person can purchase real estate in Zanzibar, and it can be very lucrative.
