By Mulamba Percy
The real estate industry is fast growing and contributing immensely to the national GDP. However, it is not meeting Uganda’s growing demand for housing. The private sector brokerage firms, valuers and private developers are strong players but lack the best practices to meet the market demands. This calls for government intervention in a number of ways;
Review land legislation to speed up land transactions and ensure effective computerisation of the land registry. The government should establish overall real estate legislation that will address the key players such as agents, managers, developers and mortgage institutions.
Develop a regional real estate training centre which will attract brokerage and valuer associations from neighbouring countries, coupled with the passing of the Mortgage law and viability of the credit reference bureau to ensure availability of decent housing to wider segment of the population.
Develop mechanisms that will encourage more commercial banks and other formal financial institutions to begin mortgage lending which would increase competition in the sector and reduce interest rates.
Posted Friday, January 18 2013