Real Estate Industry Rises from COVID-19 Storm
The real estate industry in Uganda is recovering from a government lockdown during the COVID-19 outbreak that struck the world in 2020.
The effects have been felt hard by most real estate industry managers and brokers in the country at a time when the industry was steadily progressing.
"There have been a number of challenges during the lockdown issues like purchasing power that coupled with contracts and recovering of debts from landlords," Vincent Agaba, the Managing Director, Avarts Housing Limited said.
"Landlords have been giving rent waivers at a time when this lockdown was in effect. They also lost several tenants which affected them."
Avarts Housing Limited was founded in 2006 on the notion of serving its customers with excellence. There mission and objective is to serve its customers with excellence and the highest degree of professionalism bringing simplicity to the process of real estate management.
"We are looking at situations where this country will have pilot cities where tenants and landowners will not have the necessity of coming to the capital city for business or other things. I believe that is the way we should go and government should be thinking in that direction," Agaba stressed.
"The real estate sector is at the moment recovering and stabilizing after this lockdown."
Uganda has a few pilot cities that include Akright Housing Estate in Kakungulu off Entebbe road others are Mehta City in Lugazi Sugar Estate, Lubowa Estate also off Entebbe road, and Mirembe Villas in Kigo.
The real estate sector has several companies running several properties in the country they include Knight Frank, Brol, Crane Management, and many more.
"If we have a streamlined and organized housing industry it will reduce the over congestion in the capital city and the population will not need to always be running to Kampala," Agaba said.
"Housing is an essential service and we believe the government needs to have affordable housing projects for our population with people able to buy houses with low-interest rates."
Avarts Housing Limited manages properties in Kigo, Mutungo, Munyonyo, Buziga, Kyanja, Naalya, Lukuli, Kawuku, Bukoto, Ntinda. They have offices in Kampala, Jinja, Fort Portal.
Real estate agents and property managers are pushing for Parliament to pass the Real Estate Bill, which is most likely going to be passed in the 11th Parliament.
"We have to safeguard our sector so that we have geniuene players in the industry cause sometimes you get fake agents and con men exploiting clients," Agaba said.