Uganda: Real Estate Sector to Rebound

The real estate sector is expected to soar to great heights this year as players aim at providing affordable middle-class accommodation, according to a statement from property portal, Lamudi Uganda.

One of the factors that could spur the sector’s fortune this year is the country’s rapid population growth, which has created demand for infrastructure and housing, including affordable middle-class accommodation.

“With the increase in demand for affordable housing, we expect real estate investors to invest in development of affordable housing,” said Shakib Nsubuga, the country manager of Lamudi in Uganda.

Furthermore, the increase in foreign investment that was witnessed over the past year is predicted to go higher. This will create opportunities for different corporations to invest in the country, thus positively impacting on the economy in general, Lamudi noted.

Financial institutions such as banks continue to spend more money in the real estate sector. According to the Uganda Bureau of Statistics, commercial banks lent more than Shs 1 trillion to the building, mortgage, and construction sector in 2014, up from Shs 650bn in 2010.

The real estate sector is expected to deepen its footprint online, offering solutions to a wider market, some as far as those in the diaspora.

“This year, we expect the real estate sector to take several leaps forward especially in the ICT sector. With the move to the digital era, I expect to see real estate stakeholders embrace this move in 2016,” Nsubuga said.

Source : http://allafrica.com/