UGANDA, Buvuma | Real Muloodi News | Buvuma Island has not seen substantial growth for many years. Until recently, small-scale fishing, hand-hoe-based subsistence agriculture, and charcoal burning have been the main economic activities in Buvuma. All this is changing thanks to an oil palm project that is being extended there.
There is unprecedented enthusiasm on the main island. Recently, the government has been buying up land from willing sellers to establish the oil palm project. Prior to the project, an acre of land cost approximately Shs500,000. Following land acquisitions by the government, that figure has grown to average Shs10m for prime land.
Buvuma has a lot of investment potential. The household incomes of Buvuma District’s 90,000 population will increase. Already, many people are now being employed in growing oil palm. As household incomes grow, so too will the demand for better standards of living, better houses, cars, fashionable clothes, etc.
Malaysia and Indonesia have been able to capitalise on their oil palm estates as tourism attractions. Buvuma Island too possesses kilometres of pristine sand beaches which could be developed into resorts, recreation centres, and/or holiday homes.
The proposed infrastructure for road and water transportation will transform it into a dream island. At present, pathways are being graded into motorable roads.
Buvuma is approximately one hour from Kiyindi by ferry. The Kiyindi landing site is on the shores of Lake Victoria is the entry point to the Buvuma Islands. It is a few kilometres off the Mukono-Njeru road. According to PML Daily, the Ministry of Agriculture’s National Oil Palm Project (NOPP) is building a new bigger ferry that will cut the travel time in half.
Investors have a narrow window to acquire land on Buvuma while it is still affordable. Once the island generates electricity, distributes piped water, builds new docking areas and establishes factories for palm oil production, land prices will skyrocket.
Besides real estate and leisure, financial services, education, health care, and transportation are also expected to flourish, PML Daily reports.
Buvuma Island is the next frontier for those looking for long-term real estate investment.
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