UGANDA, Kampala | Real Muloodi News | The real estate industry in Uganda is constantly changing, and trends come and go. Some trends become so popular that they become the norm, while others never catch on.
Real estate is a crucial sector of the economy as people need homes to live in, and businesses need offices and other commercial premises to operate from.
This article will examine the latest trends in the real estate industry in Uganda, including the new efficient mini-mall, open floor plans, condominiums, and house hunting online.
Efficient Mini Malls
The new efficient mini-mall is a recent trend in the real estate sector. These mini-malls are found in emerging suburbs outside major cities in Uganda. They are typically storied commercial structures built on small roadside plots that can be as small as 50 feet by 100 feet.
Instead of designing the structures in the traditional way, where three or four shops face the road or one large supermarket-sized hall on the ground floor, developers have found a more efficient way to attract more tenants.
The floor plan of the new efficient mini-mall is usually designed in a C-form, with the open end facing the main road. The design allows the entire inside surface of the ‘C’ to get divided up into several shops, all of which are facing the road. This design is currently trending because it increases the surface area for business space, attracts more tenants than the traditional mall, and makes window shopping easier.
All business owners feel as if they have not been cheated out of the sweet spot on the building, and both the developer and the tenants are equally happy.
Open Floor Plans
The open floor plan is a trend that has been running for some years now, mostly in business properties and only started trending in residential properties comparatively recently.
Most modern properties are designed to have a lot of open spaces, whether they are business or residential.
Homes that are designed this way have kitchens that blend into the living room and dining room seamlessly. This is not only cheaper to build, but it also allows for endless possibilities when apportioning the available space for different needs.
According to Cissy Namaganda, a Proprietor of Cinam Investments Ltd, a construction company, “Open floor plans are simple and inexpensive. They have this aura of modernity that makes small spaces look bigger and they are easier to decorate.”
These designs tend to go well with large windows that start from as close to the floor as possible and run the entire length of the wall. It is a natural marriage of two real estate aspects that achieve the same goal; openness and natural light.
Lucy Kaitetsi Wamimbi, Head of the residential agency at Knight Frank, notes that large windows are a must in both residential and business spaces today because they allow for natural light to beautify people’s lives and ease window shopping.
House Hunting Goes Online
The COVID-19 pandemic lockdowns in 2020/2021 cemented the norm of online house hunting, which had already been thriving before the pandemic. As far back as five years ago, companies in Uganda were already using virtual reality goggles to show their offerings to clients without having to go to the property itself every time a client showed up at the reception.
Real Muloodi News Network, the leading Ugandan real estate news and information resource for industry professionals, recently launched its Property Network, an online real estate advertising platform that offers a unique and engaging user experience. The platform is set to transform the real estate market in Uganda by providing exclusive features for both buyers and sellers.
The Property Network offers a contemporary and user-friendly design that supports video walk-throughs and virtual tours. It also features an interactive property map that allows buyers and renters to search and view properties based on their location of interest from any device.
The platform incorporates a Customer Relationship Manager (CRM) function, enabling sellers and landlords to manage listings, leads, and contacts in one place. Integrated with HubSpot CRM, businesses can add an unlimited number of sales agents to their subscriptions at no extra cost and have complete oversight over their entire company’s sales activities.
To ensure the authenticity of sellers, The Property Network employs state-of-the-art technology, including an automated multi-factor authentication verification system using facial recognition technology. This feature protects buyers from fraudulent real estate salesmen, making The Property Network the most trusted property advertising platform in Uganda.
The platform provides exceptional support for brokers, showcasing them on the Agents & Brokers pages. Brokers can showcase both their business and their property listings, and buyers can leave reviews on their experiences with a broker, benefiting the entire real estate community.
Sellers and landlords can also list their properties without a broker, and the first listing is free for 30 days. The fee-based platform does not charge a commission, allowing sellers and landlords to keep 100% of the sale or rent.
In addition, The Property Network does not allow multiple listings for the same property, and property listings automatically expire after one month, unless the seller or landlord actively renews their subscription. This feature ensures that there are only legitimate, active properties advertised on The Property Network.
Condominiums
Several industry experts affirm that condominiums are trendy right now. While condos, both business and residential, have been gaining popularity over the last decade or so, more and more developers are opting to build apartments for sale (condos), something that has resulted in more people getting interested in them.
“Today, buyers have more options to choose from when it comes to condos. Some of the characteristics of condominiums that attract buyers are; easy access to public transport and social amenities such as schools, hospitals and shopping centers within the neighborhood, easy commuting distance to the CBD, availability of play areas for children, swimming pools, gyms, balconies with appealing views and quality fittings and finishes,” notes Wamimbi.
She also adds that many buyers love the fact that condos come with staff quarters, allocated resident parking, extra storage facilities allocated to the apartment, and spacious rooms.
Smart Homes
The idea of smart homes is not new, but it is becoming increasingly popular in Uganda. A smart home is a residence equipped with smart technology devices that automate tasks and provide various forms of energy savings. This technology includes smart thermostats, lighting, and appliances that can be controlled through voice commands or a smartphone app.
According to Steven Balagadde, a real estate developer, smart homes are becoming more popular in Uganda because of their efficiency and cost savings.
“People are starting to realize the benefits of smart homes, such as energy efficiency and security,” he says. “Smart homes are not only convenient but also save money in the long run.”
Smart Cities
Another trend in the real estate industry is the development of smart cities and satellite towns. These are cities that are designed with technology in mind, from self-driving cars to smart buildings. The aim is to create more efficient and sustainable cities that are better equipped to handle the challenges of the future.
The Real Estate Agents’ Role
In Uganda, the role of real estate agents is evolving. In the past, agents were primarily responsible for connecting buyers and sellers.
However, with the increasing complexity of the industry, their role is expanding to include more advisory services. Today, agents are responsible for advising clients on market trends, property valuation, and investment opportunities. They also help clients navigate the legal and financial aspects of property transactions.
According to Chris Muyomba, a real estate agent, the role of agents is becoming more important as the industry becomes more complex.
“Real estate is a complex industry, and buyers and sellers need expert advice to make informed decisions,” he says. “As an agent, I have to stay up-to-date with the latest trends and regulations in order to provide the best possible service to my clients.”
Real Estate Financing
Financing is an important aspect of the real estate industry, and several trends are worth noting in Uganda. One trend is the increasing popularity of mortgage financing.
In the past, it was difficult for many Ugandans to obtain mortgages due to high-interest rates and strict lending criteria.
However, with the increasing competition among lenders, mortgages are becoming more accessible to the average Ugandan.
Another trend is the use of alternative financing methods such as crowdfunding and peer-to-peer lending. These methods allow investors to pool their resources and invest in real estate projects that they might not be able to afford individually.
There is also a growing interest in sustainable financing. This financing is aimed at supporting environmentally sustainable real estate projects that aim to reduce the carbon footprint of buildings and increase their energy efficiency.
The Future of Real Estate in Uganda
The real estate industry in Uganda is constantly evolving, thanks to the numerous government initiatives aimed at increasing access to housing. The government has rolled out several programs to address the housing shortage in the country, such as the Affordable Housing Project, which aims to deliver 200,000 affordable housing units in the country.
It is important to recognize that the industry is becoming more complex, and the role of real estate agents is evolving to meet the needs of buyers and sellers.
With the increasing popularity of mortgage financing and alternative financing methods, there are more opportunities than ever for investors to get involved in the industry.
Industry professionals need to stay up-to-date with the latest exciting trends and developments in the real estate sector which is poised for growth in the coming years. It will be interesting to see how these trends continue to shape the industry in the future.
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