The Ministry of Lands, Housing, and Urban Development is in the final stages of developing the Real Estate Bill, which aims to elevate professionalism, enhance consumer protection, and improve accountability and transparency in the real estate sector.
The bill seeks to address existing challenges in real estate agency and development practices, bringing the industry in line with international best standards.
In remarks delivered by Architect Irene Umoja, the Commissioner for Lands and Real Estate, State Minister for Housing Persis Namuganza highlighted the government’s commitment to restructuring the sector.
The minister highlighted key challenges affecting the growth of the real estate sector, including malpractice by some property developers, which she noted as a barrier to the sector’s development.
“It came to light that home developers on design present a product to buyers that
Is different from the final product/finished apartments.” She said. Hon. Namuganza added that the Government encourages Ugandans in the diaspora to reinvest in their
Home country but most of the Ugandans who have tried to do so have been defrauded by home developers or sold unfit homes causing great frustration. “ She added.
She emphasized the importance of a systematic and collaborative approach involving both public and private stakeholders.
“The Ministry, alongside other responsible government agencies and private sector players developers, agents, and professionals must work hand-in-hand to address these challenges. Our goal is to safeguard investment and boost confidence in the real estate industry,” Namuganza remarked.
These statements were made during the launch of the Waterfront Apartment project, an upscale residential development by BuildNet, located in Munyonyo.
Dr. Ibrahim Ssemaganda, Managing Director of BuildNet, stated that the new real estate investment model is hassle-free compared to traditional approaches and offers a guaranteed 8.5% higher return on investment.
“You don’t have to do anything on it. You just have to wait for money to drop on your account every month. You don’t have to do a thing in terms of maintenance, in terms of managing, getting occupants and all that. So we provide you with a fully furnished, fully serviced and fully managed apartment, hotel apartments, and then we take up from there, and we just give you money on your account every month. “ He said.
BuildNet has partnered with top-tier architects, contractors, engineers, and project managers from South Africa to ensure the successful delivery of this project with precision and within the specified timelines.
Namuganza praised the project, calling it a prime investment opportunity that offers investors high returns with minimal management effort. She pledged the government’s commitment to fostering stronger industry collaborations to further transform the real estate sector.
The Waterfront Apartment project symbolizes the emerging potential of Uganda’s real estate market. With increasing demand for high-end housing, projects like these are crucial in attracting local and foreign investors.
