Real estate sector urges swift approval of Bill to tackle housing deficit

Real estate sector urges swift approval of Bill to tackle housing deficit
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In a plea to expedite the approval of the real estate bill into law, industry players are calling on the government to streamline operations and address the pressing housing deficit.

The issue took centre stage during the kick-starter conference soft launch in 2024 in Kampala, where diaspora investors raised concerns about unfavourable laws hindering investments in the Ugandan real estate sector.

With a staggering 2.4 million housing unit deficit, projected to reach 3 million by 2030, and an anticipated total of 8 million units in Uganda, the urgency for legislative support becomes paramount, particularly in urban centres where a 2.5-million-unit deficit looms within two decades.

Speaking at the conference, Brian Kayongo, CEO of Concept Real Estate, emphasized the impact of restrictive laws on the sector's growth.

"Unfavorable laws are impeding our ability to address the housing deficit, especially for Ugandans in the diaspora looking to invest," stated Kayongo.

Eng. Kenneth Kaijuka, CEO of National Housing and Construction Company, acknowledged the role of National Housing in fostering real estate development but underscored the need for the real estate law's prompt review by the government.

However, the government is not oblivious to challenges within the sector. Eng. Kaijuka cautioned against forging land titles, emphasizing the negative impact on real estate investments.

"Individuals forging land titles must desist or face the law as it hampers the progress in the real estate sector," warned Eng. Kaijuka.

Legal experts at the conference echoed the importance of due diligence in the real estate market to provide legal protection against fraud.

"Due diligence is crucial to safeguarding investments and ensuring a transparent and secure real estate environment," noted lawyer Ogwang Tommy Peter.

The upcoming conference in Boston aims to bring together innovators, brokers, and business leaders in the real estate industry for discussions on overcoming challenges and fostering growth in the sector.

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