UGANDA, Kigo | Real Muloodi News | Edward Kayondo’s journey into investing in overseas real estate began unexpectedly. While studying in Stockholm, he shared an apartment with two classmates.
When their landlord decided to sell the three-bedroom apartment, the friends pooled their funds and purchased it together.
After Kayondo’s graduation, his friends wanted to buy homes to raise families, so he bought them out and rented out the apartment.
The rental income from that one property exceeded Kayondo’s monthly earnings as a business executive in Uganda. This experience opened his eyes to the potential of real estate investments.
He used the income to invest in more properties in Europe, which provided him with financial freedom and the ability to choose his contracts selectively.
He emphasises the importance of using the proceeds from each property to fund the next one, highlighting the power of wise investments.
Investing in overseas real estate has gained popularity as technology connects the world into one global community.
The internet has made information about other countries and investment opportunities readily available.
Factors to Consider in Overseas Property Investment
People have various reasons for investing in overseas real estate, such as seeking higher returns on investment, owning holiday homes, anticipating political turmoil in their home country, or diversifying their investment portfolio with exotic locations.
Investors must consider several variables when investing in overseas property. Some countries have favourable laws for foreign investors, offer affordable yet excellent properties, have friendly tax regimes, or guarantee high capital appreciation.
Opportunities in Turkey and South Africa
Certain countries are preferred by investors while others are avoided. Expatriate Group ranks Turkey and South Africa as the top countries for property investment.
Monica Ajwang, a Ugandan realtor specialising in selling overseas property, highlights Turkey as an affordable country for real estate investment.
She works with Reportage Properties Uganda Ltd, a subsidiary of Reportage Properties LLC. Prospective clients can reach out to them through their website or visit their offices in Kampala to connect with an agent who will guide them through the process.
In South Africa, foreigners who want to purchase property must possess a valid passport, a permanent residence permit, a valid visa, or an endorsement in their passport allowing them to reside in the country.
Investment Potential in Dubai
Steven Opolot, a Ugandan realtor based in Dubai, highlights the benefits of investing in the city. Dubai imposes no annual property tax, income tax, rental value tax, or value-added tax.
Its strategic location between major business centres in Asia, Europe, and Africa makes it an ideal destination for businesses and property investors.
The thriving tourism industry in Dubai creates demand for hotels, resort properties, and holiday homes.
Investing in overseas real estate presents a lucrative opportunity for individuals seeking financial growth and diversification.
Edward Kayondo’s success story serves as inspiration for those considering venturing into this field.
With the availability of information and the right considerations, investors can identify countries with favourable regulations, affordable properties, and high growth potential.
Turkey, South Africa, and Dubai are among the preferred locations for overseas property investment, offering various benefits and opportunities for financial prosperity.
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