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Real estate booms

By the Independent Reporter

In spite of a booming real estate sector in Uganda, the country is suffering from a growing housing deficit of over 1.6 million units. In spite of the sector growing at 30% annually, the deficit keeps growing by 10,000 homes. But with over 200 companies involved in the sector there is hope the deficit will be overcome. Experts in the sector attribute the growing housing deficit to lack of a condominium law.

Most houses built are single storied and out of reach for the ordinary Ugandan. The two biggest players in the field National Housing and Construction Corporation (NHCC) and Royal Palm have some of the biggest estates in the country.

NHCC, a state parastatal did most of the real estate development in the sixties building THE INDEPENDENT Dec 19, 2008 – Jan 1, 2009 condominium homes and in the early 1990`s when it resurrected after the economic collapse of the 1970`s. However,

Royal Palm is a modern project of its kind being undertaken by Nationwide Properties (U) Ltd. Royal palm is a development of a residential estate on 150 acres of prime land at Butabika Hill, north of Luzira in Nakawa division in Kampala District. With peoples changing taste, and a growing middle class, many people are taking on westernized life styles and demand for more organized housing. The coming on board of banks to offer mortgage financing will see many more people craving to own a home regardless of the high cost of acquiring one through mortgage financing which stands at 80% and repayable in 20 years.

 

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