UGANDA, Kampala | Real Muloodi News | The Government of Uganda has announced plans to review mortgage rates and initiate the construction of low-cost housing estates to address the country’s significant housing deficit.
The announcement was made by the State Minister for Lands, Housing, and Urban Development, Persis Namuganza, during the International Real Estate Conference held in Kampala.
The conference attracted nearly 50 realtors and developers from nations such as Indonesia, India, and Nigeria. Minister Namuganza stated that the government aims to provide affordable housing solutions for low-income earners, emphasizing the need to tackle the growing housing shortfall.
Uganda’s housing deficit is a critical issue. According to the 2020 UN-Habitat report, the country has a shortage of more than 2.4 million housing units. Urban areas, in particular, face significant challenges due to rapid population growth and limited affordable housing options.
To mitigate these challenges, Minister Namuganza highlighted the government’s commitment to reducing the cost of financing homeownership by revising mortgage rates. This move is intended to make housing loans more accessible to Ugandans, particularly those in the middle and low-income brackets.
The government also plans to develop low-cost housing estates across the country. These projects aim to provide sustainable and affordable living conditions for Ugandans. The construction of such housing units is part of a broader strategy to address both the urban housing crisis and rural development needs.
The International Real Estate Conference served as a platform to foster partnerships between Uganda and international investors. Key discussions included enhancing access to financing, leveraging technology in real estate, and creating inclusive housing solutions. Delegates from countries such as India and Nigeria shared insights on best practices for affordable housing projects.
The review of mortgage rates and the establishment of low-cost housing estates are expected to significantly alleviate Uganda’s housing challenges. By making homeownership more accessible and increasing the availability of affordable housing, the government seeks to improve living standards and boost economic development within the real estate sector.
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