Real Estate Market in Malawi: Malawi, known as the warm heart of Africa, lies east of Zambia. Malawi has spectacular scenery, national parks, and game reserves. Malawi Lake also has a comfortable beach for snorkeling, diving, boating, and sunbathing. Since 1994, Malawi has been a multi-party democracy, although spatially corrupt.
Since January 2002, foreign nationals have been banned from purchasing freehold property under the (amended) Malawi National Land Policy, although foreigners can obtain leases from the government or private owners.
Foreigners who already own property are under pressure to become Malawi citizens, maintaining freehold ownership.
MLS and how it works
MLS is used by real estate professionals to display homes for sellers and to find homes for buyers, aiming to display homes for sale in the widest possible pool of qualified buyers.
Originally developed in the 1800s by real estate brokers, the concept was born when brokers would gather together to share information about listed properties, eventually selling each other to homes and buyers.
Today, U.S. Approximately 600 MLS databases exist worldwide, providing agents with the ability to share information about listed properties with other brokers, and providing extensive opportunities for both buyers and sellers.
All publicly listed assets can be found on MLS, from single-family homes and condos to foreclosures or pre-foreclosures. The database provides information such as house prices, square footage, property taxes, and contact information for the listing agent.
However, MLS is available only to licensed agents. As a buyer, you will not have access to MLS and its listings without the help of your real estate agent.
The National Association of Realtors (NAR) voted to prevent agents and brokers from closing the listing from the MLS, a reinforcement of the NAR’s requirements that the public is listed on the MLS after one business day of properties To be done.
While it makes sense for a motivated seller to list their home on the MLS as soon as possible, there are some situations where the seller does not want to put their home on the database. For example, sellers who are celebrities, people undergoing a divorce, or who prefer to keep their home details private and do not want to publicly advertise their home as for sale.
Sellers can still sell a home outside the MLS under the new NAR policy, but the property cannot be publicly advertised in any way, making it even more difficult for buyers to find a home.
Find a home before listing in Real Estate Market in Malawi
Connecting with a licensed real estate professional is always the best way to find a home before going to market, there are some things you can do as a buyer if you try to leap a home for the first time. Want to be listed on MLS.
If there is a particular neighborhood you are interested in, you can try reaching out to homeowners directly via postcard mailing or even knocking on some doors and asking if they can do so can do. Can know about anyone in the area who wants to sell.
If the community has a homeowners association (HOA), you can also contact them and ask if they have information about the residents who are thinking about relocating.
Social media can also be a helpful resource; You can share your desire to buy with friends, family, and followers, which in turn can bring the term to a wider social circle. You can also research recent FSBO listings and contact homeowners who have no luck with the FSBO option, but who are still interested in selling.
If you are going through that iconic neighborhood and see a property that looks vacant or neglected, look for the owners, contact them and ask if they might consider selling. Neighborhood enhancing or social clubs can provide additional insight into members who have experienced recent life changes and are thinking about reducing or increasing size.
Protection of property rights in Real Estate Market in Malawi
Currently, record-keeping for the registration of ownership of land is centralized and inefficient. Efforts are on to computerize and decentralize record keeping.
Malawi has a limited housing finance sector. Since mortgage availability does not yet meet demand, most families still finance housing through savings or non-mortgage loans. As of January 2019, the lowest interest rate on a mortgage in Malawi was 20 percent, with a 10 percent fall, payable over the remaining 15–20 years. The average mortgage size in Malawi is 17,632 USD.
In 2016, Parliament passed an amende\d Land Act, which changed the customary land tenure to lease title so that those currently using that land could have legal rights over it. The new law further restricts the freehold title and all newly acquired land will be on a leasehold basis. The terms of the lease can be as long as 99 years, but the law generally limits foreigners to 50 years.
The proportion of land without a clear title in Malawi is considerable but the exact ratio is not clear. According to the new Land Act 2016, there are two categories of land in Malawi, namely:
- Public land, including government land and non-allotted customary land, and
- Private land including freehold land, leasehold land, and customary property.
The new Land Act prohibits the granting of freehold to a person but allows those who already own such land. The Office of the Land Commissioner administers and manages land issues such as grants, leases, and other settlements.
The Land Act of 2016 provides for the withdrawal of private land under the title Freehold if the land remains vacant for more than two years since registration. However, the government
Intellectual Property Rights
Malawi recognizes the importance of protection and enforcement of intellectual property rights (IPR) but cannot do so. The Registrar General operates the Patent and Trademark Act of 1948, which protects industrial IPRs in Malawi. The patent must be registered. Trademarks are publicly registered after a period of advertisements and no objection.
Enforcement of IPR is inadequate. However, general awareness of the importance of protecting IPR in all forms (COSOMA) regulates the Copyright Act of 2016, which protects copyright and “neighboring” rights in Malawi.
The Malawi government approved the Copyright Regulations in February 2018. After approval, COSOMA and the Malawi Revenue Authority began levying a 5 percent levy on media storage devices to compensate rights holders.
While enforcement officers regularly seize counterfeit goods, Malawi does not have a systematic approach to tracking and reporting such seizures, so the figures are not available.
Malawi has not been included in the United States Trade Representative (USTR) Special 301 Report or the Notorious Market List.
Know Government Tenders and about Real Estate Market in Malawi at https://www.tendersontime.com/