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Real Estate Growth in Uganda

Wednesday, April 10th, 2019

World over, the real estate business is growing fast, and Uganda is no exception.  The real estate in Uganda has grown tremendously over the past decade with many residential homes, business premises and office blocks being set up especially in the Kampala Area.

More property agents and companies are springing up every other day in response to the growing demand at hand. A number of real estate developers have come into the construction sector to meet the needs of the young emerging market.

Garden Towers Uganda  a project under Mint Homes  is one of the companies  in Uganda that have come up with houses at cheaper fees. This way, tenants, who are less affluent, are also likely to afford living in the closed communities in the city center.

Shifts in social lives have also led the demand for homes in estates, particularly among young professionals attracted by the prestige that comes with it.

Initially, when Uganda was introduced to the real estate industry, the response was minimal as people could not easily grasp the concept.

However, with time, the economy has improved and people want to own property now.

So, what have been the driving factors for the development of the housing sector? And why the need to own a home and live in the city?

Market for real estate sector in Uganda

The key drivers for demand for property development include the following;

    Growth in population
    Conducive environment  and remittances from people living abroad
    The steady economic growth for Uganda

With the increasing rate in growth of the real estate industry, challenges too still stand.
Challenges like;

    The landing policy that is not  conducive for developers to put up massive housing schemes of about 5000 units.
    The economic downturn has slowed down demand in real estate
    High cost of funding
    Lack of adequate funding to the sector
    Expensive land in urban areas
    Lack of adequate well trained and experienced  manpower  to manage the sector
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