KAMPALA, UGANDA — Investors in Uganda’s real estate sector are urging the government to expedite the passage of the Real Estate Bill, citing its delayed approval as a major obstacle to investment.
Speaking at the 13th annual international real estate investment conference, Shirley Kongai, president of the Association of Real Estate Agents Uganda (AREA), emphasized the need for swift government action. “We have been asking for this bill since 2008… The delay has discouraged investments,” she said.
Kongai noted that the absence of the Real Estate Bill has scared away potential international investors, imposing a big blow to the economic development of the country. “For all the time we have attracted international players into the real estate space, they have always asked us to clean our space,” she added.
The Real Estate Bill aims to regulate and register land brokers, provide licenses to real estate professionals, and regulate development projects. Its passage is seen as crucial to streamlining the sector, curbing land grabbing, and addressing fraudulent activities.
Lands Minister Judith Nabakooba assured investors that the bill would soon be approved, stating that the government is working tirelessly to institute the law. “Our Real Estate Bill is going to get out of the way… We are confident that we are good to go back to cabinet,” she said.
Minister Nabakooba also highlighted the need for innovative financing solutions to support the real estate sector, which has been largely reliant on private funding despite the use of mortgages. “We shall work to see how the government can come in to work with you and improve on the sector. We want this sector to keep going and thriving,” she added.
According to the UN-Habitat 2020 report, Uganda requires 200,000 housing units per year to address its current deficit of approximately 2.4 million units. Kongai emphasized that the lack of regulation has encouraged speculation, with no standard charges and no trust between consumers and real estate brokers.
Frank Oti, National Association Realtors (NAR) Global ambassador to Africa, stressed the importance of education and licensing for real estate dealers, citing the need for trust and professionalism in the industry. “All real estate dealers must be educated and have a license to have trust in their clients because how can you teach someone something you do not know?” he asked.
The conference, themed “Exploring Real Estate Partnerships,” brought together stakeholders to discuss ways to promote investment and growth in Uganda’s real estate sector.
