Government moots bill to stimulate real estate sector

By Hakim Wampamba

The ministry of Lands, Housing and Urban Development is putting final touches on the Real Estate bill aimed at streamlining the operations of agents, developers among other stakeholders in the sector.

According to Henry Irumba Harrison, the Assistant Commissioner, Policy Analysis at the ministry, the law will stimulate and channel more investment into the sector and set it onto the recovery path from the current economic crisis fuelled by global inflationary pressures.

Building, mortgage and construction services had already registered noticeable negative credit growth rates with less demand for loans from banks according to a June monetary report from Bank of Uganda.

 Much as a July report from Knight Frank, a noted that pipeline activity in prime suburbs increased by 13 percent,  these prospects have long changed for the worse

Irumba said the bill will guarantees sector recovery but sector players say that, they need immediate intervention to remain afloat

 

 

 

 

 

 

 

 

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