Mji wa Fumba – the fastest-selling residential development in Tanzania has marked the admirable milestone of 1,000 units sold.
The iconic sea-side development that allows everyone, including foreigners, to own a home in Zanzibar is East Africa’s first eco-city that offers ultra-modern homes for any budget and style
“We are extremely proud of this incredible milestone achieved because of the distinctive vision and exceptional offering that makes Fumba town the only one of its kind. We are also grateful for the exceptional commitment by everyone that made this project a resounding success,” CPS Director, Sebastian Dietzold said.
Fumba town’s delectable mix of residential and holiday homes offers affordable, safe space for homeowners and their families – allowing them to live, work and evolve in a multinational, multicultural and multi-generational environment.
Only recently have foreigners been allowed to buy homes in Zanzibar, and only in certain projects such as Fumba Town. Markedly, Fumba Town already hosts buyers from over 57 different countries highlighting its extensive global appeal.
“New incentives include residency visas, tax benefits, and repatriation of profit”, explains the CPS Director.
“While you pay, you see your house grow. Homes in Fumba Town are sold off-plan in five installments of around 20% each, the last due on occupation. The purchaser gets a 99-year lease with the right to inherit, mortgage, sell and rent out,” he added.
Launched in 2015, Fumba Town is located on the peninsula on the west coast of Zanzibar, just 15km from the airport and 18 km from Zanzibar city.
The project has been a big boom to the isle’s economy, pumping over $60m into the economy, offering building and service contracts to local companies and jobs to hundreds of residents.
The iconic development is master-planned across 150 acres and offers state-of-the-art residential and holiday living in a sustainable environment with permaculture landscaping, 94% waste recycling, incredible service packages, and 24/7 security.
Available services include a clinic, school, playground, kiosk, and community market that opened in 2019. Recent additions to the growing town include a pavilion mall, beach bar, and restaurants, with a sports center, sea pier, and piazza hotel planned for next year.
First private re-sales of property in Fumba have already come on the market, with high returns on investment – especially because Zanzibar has experienced a 15% rise in tourism numbers and registered a 6.8% economic growth.
Fumba Town is developed by CPS – a Tanzanian-based real estate development company that is also behind Zanzibar’s first residential resort The Soul in Page.