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updated 6:54 AM SAST, Mar 14, 2031
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Uganda government to support property developers

Uganda government to support property developers - [https://wisdomproperty.files.wordpress.com/2016/02/property-developers.jpg] Uganda government to support property developers - [https://wisdomproperty.files.wordpress.com/2016/02/property-developers.jpg]

The Ugandan government has committed to support property developers across the country, as it steps up efforts to increase decent and affordable accommodation for all Ugandans by 2020.

Housing minister, Chris Baryomunsi, says the government will starting next year, extend electricity, water and sewerage services to construction sites, thus reducing the cost of housing by at least 50%.

“Right now we have a housing deficit of over 2.1 million units, and the available houses are very expensive. Our population is estimated to reach 64 million by 2040, and if we do not act now, we shall lack accommodation for our people,” he said.

Baryomunsi said the rising housing shortage in the country is expected to hit 8 million by 2020 if critical measures to address the problem are not taken.

According to a 2015 World Bank housing report, Kampala will turn into an extended slum in ten years if investments in the real estate and housing sectors are not deepened.

He said government is also working on availing money for mortgage financing, to try and make borrowing cheaper for the sector and boost growth.

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