IN a bid to strengthen investment sector, Zanzibar has launched Real Estate Developers Association (REDA) aimed at supporting investment matters in the area.

The move is expected to stimulate economic growth by addressing investment issues specific to the islands and facilitating collaborations between investors, government entities and other stakeholders.

Speaking at the launch of the association yesterday, Minister of State in the President’s Office for Labour and Investment, Sharif Ali Sharif, highlighted the importance of the new body to the islands’ economy, particularly given that housing investment is still in its nascent stages.

Sharif explained that the formation of the community aligns with the government's broader goals to boost economic development through strategic investments, especially by leveraging existing resources such as land. 

“The launch of the association is timely, as it complements our national vision to stimulate economic growth through diversified investments. By tapping into available resources, including land, we can achieve substantial progress,” he said.

He also highlighted the need for the community’s active involvement in shaping the legislative and regulatory frameworks concerning land use and development. 

“Citizens must understand that this type of investment will not only improve the housing sector but will also contribute to the economic development of Zanzibar. Homebuyers in this market are often affluent individuals, which will bring considerable economic benefits to the local economy,” Sharif said.

The minister reiterated that the government has recognized the importance of this community and is committed to supporting its initiatives to ensure successful outcomes. 

“Benefits of such investments extend to the government, the citizens, and the investors. It is encouraging to witness the significant enthusiasm from all stakeholders involved,” he said.

Sharif also referred to President Dr Hussein Ali Mwinyi’s ongoing initiatives to promote various sectors, including tourism and hospitality industry, all of which have the potential to transform Zanzibar. 

He noted that the housing sector, particularly real estate development, has been a game-changer in many countries and territories, including Dubai, and could similarly drive Zanzibar’s economic future.

He urged the public to back the government’s efforts to foster development, especially within the real estate sector, which could offer a range of economic opportunities for local businesses and citizens alike.

Nasib Saleh Muhamed, REDA legal advisor stressed that the real estate sector is growing rapidly, and the formation of the association will provide a platform for real estate investors to unite and have a collective voice.

He further highlighted that the association would work in close collaboration with the government to ensure that policies and laws are conducive to sustainable investment and growth within the sector.

“The formation of REDA will enable investors to work more effectively within the regulatory framework and will help create a friendlier environment for real estate investments. We aim to advocate for policies that not only benefit investors but also ensure the long-term growth of the housing sector in Zanzibar,” he said.

The association’s activities will include advocating for the development of policies that support investment, offering guidance on navigating the local real estate market, and fostering partnerships between public and private sector players in the housing development industry.