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Drivers for growth in real Estate sector

1. Mortgage Financing

There has been an increase in mortgage financing especially after the government re-capitalized Housing Finance Bank with Shs 15billion to boost mortgage financing in Uganda. Housing Finance Bank has a construction finance facility that is designed to assist property developers to construct commercial or residential properties for sale. The minimum loan size given is UGX 500 million or its equivalent in US dollars. Only registered companies are eligible for the loan. This has led to the growth of the real sector by providing contractors, and real estate companies with finances that enable them to complete their developments in the shortest time possible. Housing Finance Bank also gives home mortgage loans which are mainly used for purchase or construction of a single residential unit. It can also be used to refinance a loan taken for the aforementioned purpose.

2. Commonwealth Heads Of Government Meeting (CHOGM)

Growth in the real sector also came about as a result of the Commonwealth Heads of Government Meeting (CHOGM) which was held in Uganda in 2007. The country hosted over 50 heads of state along with over 4000 delegates and support staff. The influx of the Heads of Government and delegates led to the implementation of the massive building programme of top-end accommodation (including hotels and apartments) constructions to meet the demand.

3.Increased Foreign Visitor Arrivals
There has been an increase in the number of foreign visitors, and passenger traffic over the last couple of years and this has called for an improvement in the country’s hospitality infrastructure.

4. Increased Diaspora Investment
The boost in the real estate sector has attracted Diaspora entrepreneurs and investments that have led to job creation and economic growth in Uganda. Some of Uganda’s Diaspora communities are looking to return home with disposable income to afford the new properties and invest in real estate.

5. Population Growth
Kampala, Uganda’s capital city has experienced rapid population growth and this has increased the demand for employment, land for housing, social services, and better infrastructure among others.

6. Stability
After decades of internal strife, Uganda has experienced more than 20 years of relative political stability and economic growth.

7. Easier Business Registration
Uganda has taken steps to make it easier to start a business by making procedures simpler and faster by introducing technology and reducing or eliminating minimum capital requirements. The Uganda Revenue Authority has also simplified registration for a tax identification number and for value added tax by introducing an online system, which has resulted in greater satisfaction and savings, and more registered businesses in the country.

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