UGANDA, Kampala | Real Muloodi News | Housing is an immediate basic need we humans require, just like food and water. Further, housing plays an integral role in the Ugandan economy. It contributes to production, savings, consumption, employment, income, and taxes. In fact, real estate and housing make up approximately 11% of Uganda’s GDP.
While traditional homes are the mainstay of home sales, condominium housing provides a worthwhile and attractive investment option for Ugandans to explore.
What is Condominium Housing?
A condominium also known as a “condo”, for short, is a privately owned individual unit within a community of other units. Common areas in a condominium complex are jointly owned, such as pools, elevators, gyms, garages, playground, among other services.
Condominium housing is an idea that maximises investments in the housing sector. For Uganda, condominium housing is one of the most practical real estate investments.
Investing in condominiums is attractive because of the various options available in the market, and it serves as a solution for the lack of adequate and affordable housing in Uganda.
What Makes Condominiums an Attractive Investment?
1. Condominiums are more affordable: Condominiums have lower construction costs per-unit and the shared common areas are less expensive than traditional housing or free-standing units, so they are a typically more affordable investment option.
2. Higher Return on investment (ROI): Condominiums typically have higher ROI compared to the construction of stand-alone rental units.
3. Amenities: Condominiums usually come with amenities that increase the value of the property.
4. Proximity: Condominiums tend to be found in central, urban areas, offering access to entertainment and city life. Examples include e.g., Smart Apartments, Garden Towers and Bukoto Living.
5. Security: Generally, condos offer gated security, often aided by the use of technology. Further condos are not isolated as some stand-alone houses, with the shared communal lifestyle offering additional security.
Uganda Bureau of Statistics recently reported that Uganda’s housing deficit is at 200,000 units vis a vie 46 million people. Hence, the housing sector needs more condominium investors to bridge this gap.
If you are thinking of investing in a condominium, read our comprehensive guide, Everything You Must Know Before Buying a Condominium.
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