Investors in the real estate sector have expressed dissatisfaction towards the government’s delayed approval of the Real Estate Bill, which has proved a hindrance to their investment ventures.
The Real Estate Bill, yet to be approved and passed by the Parliament of Uganda, seeks to govern real estate practice, provide licenses to brokers, managers, agents, and salespersons, and regulate development projects and developers.
Speaking during the 13th Annual International Real Estate Investment Conference on December 5, 2024, at Imperial Royale Hotel in Kampala, Shirley Kongai, the President of the Association of Estate Agency Uganda (AREA) argued that the absence of the bill has discouraged and scared away potential international investors, which has imposed a big blow to the economic development of the country.
“We have been asking for this bill since 2008 when the association started,“ she said.
According to Kongai, the government needs to take swift action to approve the bill because all the time spent mobilizing for support and investments in the sector will be rendered futile in the absence of the bill.
‘’For all the time we have attracted international players into the real estate space, they have always asked us to clean our space,” Kongai said.
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In response, the Minister of Lands, Judith Nabakooba, reassured the investors of the government’s fast intervention in approving the bill.
“After consultations and a number of benchmarks, we are confident that we are good to go back to cabinet,” she noted.
The minister, however, noted that the financing in the real estate business has been majorly private despite the use of mortgages but pledged to exploit innovative ways to engage government interest in financing the real estate sector.
“We shall work to see how the government can come in to work with you and improve on the sector. We want to see this sector growing and thriving,“ Nabakooba said.
Nabakooba underscored the power of partnership, calling upon all members in the business to pool knowledge and efforts together towards the development of the sector.
‘’We are past times when business entrepreneurs viewed each other as competitors instead of partners. The world is now a global market, and it is only those that partner and bring synergies together that we can survive,” she said.
The National Global Ambassador to Africa National Association Realtors (NAR), Frank Oti, stressed the importance of education and licensing for real estate dealers, citing the need for trust and professionalism in the industry.
The three-day conference themed Exploring Real Estate Partnerships attracted real estate experts and stakeholders from different parts of the world to discuss ways to promote investment and growth in Uganda’s real estate sector.
