Real estate professionals have urged the government to create a strong condominium housing industry that will provide inexpensive housing and help to close the country’s deficit.
Condominiums, like plots of land, are housing units on a multi-story building that can be individually owned by different people/families.
A real estate development business can create apartments, sell them, and provide the buyer a title deed for his property under the Condominium Property Act of 2012, just like a house on a plot of land.
In an interview with Bazzup, one of the country’s top realtors, Abbas Rasheed, claimed that in a country where half of the 44 million people are under the age of 15, investing in real estate is one of the smartest decisions one can make today.
Rasheed, who is also the general manager of Universal Multipurpose Enterprises, believes the government should collaborate with the private sector to develop real estate regulations and incentives.
“We need to take a hard look at what constitutes affordable housing.” The term “affordable housing” refers to a home that can be purchased for a reasonable price. How are we going to do it? We can achieve this by eliminating taxes, giving some land away for free or at a low cost, and optimizing land by changing the way it is used.
He claims that Uganda’s housing need may be solved if the government collaborates with the private sector.
“On this, the government and the private sector collaborate.” They must both establish or support the creation of large-scale housing units for the general public. “A sustainable housing infrastructure in Kampala may be constructed on those two basis,” Raheed remarked.
According to Uganda’s Financial Sector Development Strategy (FSDS), the country’s housing gap is estimated to be greater than 2 million units, with an annual demand of between 210,000 and 250,000 units.
