In a strategic move aimed to address housing deficit in urban areas and home ownership instead of rent, Ministry of lands and Urban Housing in partnership with Olim Group have agreed to launch Home Owners Association of Uganda.
Uganda’s housing deficit stands at 2.4 million housing units and 1.4million in rural areas.
The initiative is being spearheaded by reknown media Personality Edwin Musiime, ministry of lands and real estates partners.
According to Musiime the association will offer majority of civil servants and individuals opportunity to own decent houses in urban areas.
Musiime said afinancing facility is being worked on and will soon be completed.
Real Estates play crucial role in Uganda’s economy contributing 12% of country’s GDP.
Musiime revealed tgis development at the just concluded Homes and Gardens exhbition held at Sheraton hotel.
During the exhibition rral estates players asked government to improve infrastructures along urban areas to spur growth of real estates industry.
Officiating at the event Chairman of Olim Group and organiser of Homes and Gardens exhibition Edwin Musiime said although Uganda’s real estates industry is on trajectory most infrastructures leading go housing projects are in sorry state.
Musiime said Uganda’s real estates market is expected to reach a value of US$365.60billion by the year 2024.
In a global comparison, United States is expected to generate the highest value in the Real Estate market, with an estimated value of US$132.0trillion in 2024.
