UGANDA, Kololo | Real Muloodi News | Kololo is an affluent, high-end residential and commercial neighbourhood filled with amenities, such as malls, hospitals, schools and restaurants. It has become one of the most coveted places to live in Kampala.
Kololo sits about 4305 feet above Kampala, offering breathtaking views of the city below, as well as Lake Victoria.
The exclusive suburb is home to many diplomats, foreign delegations and do well-to-do Ugandans, indicative of it being one of the safest areas to live in Kampala. A notable example; the UGX 36 Billion Luxurious Ruparelia Residence is situated in Lower Kololo.
Location
The prestigious neighbourhood is strategically located adjacent to Nakasero, the location of Kampala’s central business district.
Surrounded by commercial areas, the peripheral roads are quite congested, particularly in the rush hour. However, the minor roads are fairly quiet. This makes it a suitable area for walking, jogging and even cycling.
Kololo is famous for its tidy streets, clean pavements and quiet surroundings. Farah Bandali, property manager for Pam Golding Uganda, said “Kololo is pretty well planned with a road network that is great for morning and evening runs.”
The scenery surrounding it makes it an even better place to be in the city yet escape its bustle.
Shopping and Amenities
Kololo’s close access to Acacia Mall on Acacia Avenue, and to the Kisementi area gives it maximum accessibility. Also within 10 minutes drive is Lugogo and Forest Malls on the Lugogo Bypass, Garden City and Oasis Malls on Yusuf Lule Road. Cinemas, bookstores, shopping outlets, and a wide range of cuisines are all available at a close distance.
While being renowned for its serenity, it is also famous for its diverse restaurants, bars and nightlife.
Kololo also boasts excellent health care facilities equipped to international standards, to include International Medical Centre – IMC, Kololo Hospital Kampala, Kampala Hospital, and more.
Real Estate
Kololo boasts some of the most expensive real estate in Uganda. The home styles in Kololo range from colonial houses to modern, smart homes.
The prestigious area has seen a rise in luxury apartment buildings in recent years – facilities like Speke Apartments, Roze Courts, Summit View and The Seventeen are just a few to mention. These usually furnished and serviced apartments offer amenities such as gyms, swimming pools and 24-hour security surveillance.
David Tumwesigye, a real estate associate for Victoria Nile Homes, commented that the new condo and office developments that are coming up offer “five-star experiences”, making Kololo a desirable place to live.
Knight Frank has identified Kololo as an up-and-coming hotspot for commercial investors. They say Kololo is fast emerging as Kampala’s new office hub and an attractive alternative to the established CBD, being easily accessible from major arterial routes such as Acacia Avenue, Lugogo By-Pass Road, Prince Charles Drive and Wampewo Avenue.
Price Range
Properties in Kololo are usually advertised in US Dollars, tailored to the international market.
Rent for a fully furnished one-bedroom apartment with all amenities starts at around $1,500 per month. Houses are usually unfurnished, and will yield rent between $3,000-6,000 per month.
In the first half of 2019, the two-bedroom annual sales declined by 3%, and the three-bedroom units sales decreased by 4%.
Regardless, the rent for two-bedroom apartments increased due to low supply and high demand, while the prices for three-bedroom apartments dropped. Expect prices to rise another 5 – 10% over the coming months.
“The future of real estate in Uganda, in general, and Kololo, in particular, is attractive given the strong demographics, notably the rising of the middle class, among other factors,” Mr Tumwesigye said.
Who is buying?
Expatriates and multinationals seeking to live and work in an environment with a range of housing choices, pedestrian connectivity, transit and cycling options, according to Knight Frank.
What are prime yields (cap rates) in the area?
According to Knight Frank, average yields in Kololo are 9.5% and 10.5% for prime office space and secondary office space, respectively.
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