UGANDA, Kampala | Real Muloodi News | Buying property in an already established, premier location often seems like the safest choice for returns on your investment.
However, the Managing Director at Broll Property Group, Moses Lutalo, does not see that as a ‘smart choice’. Mr Lutalo digs deeper into how one can find smart real estate investment areas.
The Earlier the Better
Mr Lutalo says that, increasingly, as the property market matures and develops, investing in real estate in an up-and-coming location is becoming a very interesting way to make faster returns. As a result, these locations are becoming known as smart investment areas.
He notes that when you buy in an established premier area, you are already paying at the top of the market. So, while your property may well increase in value, because of the demand in the location, a smart investment area is likely to grow returns faster as the popularity of the area becomes established.
Mr Lutalo says that getting in early when prices are lower, is the secret to success.
The Outskirts of Urban Centers
He explains that the best investments are often in the spill-over markets on the outskirts of the city. Communities just outside the urban centres are increasingly where growth is happening. As people become priced out of the city or limited premier areas, the more affordable areas start to grow fast and mimic the perks of the urban centre.
Up-and-Coming Locations
Several areas are emerging as up-and-coming locations around Kampala, from Entebbe and Bunga to Konge Hill.
Mr Lutalo examined Konge Hill as a good example of a smart investment location. It has the three key factors that define that term:
- Desirable lifestyle surroundings
- Good connections to the city,
- A growing number of high-quality amenities from hotels to restaurants choose the area for their business success.
Konge Hill offers highly desirable lifestyle surroundings. It is one of Kampala’s highest points, with breathtaking views over the city and Lake Victoria as well as clean air and open space surroundings.
In terms of connections, Mr Lutalo says that the improved extended road network linking the new Entebbe Highway to the foot of Konge Hill makes getting to the city and from the airport a swift trouble-free 25-minutes.
While characterised by its tranquillity, the hill also delivers on high-quality amenities. It is surrounded by popular business and social neighbourhoods, which are within easy reach. These include; Speke Resort Munyonyo, Lake Victoria, and the fashionable Munyonyo area.
Since it is within easy reach, several restaurants and hotels have chosen the area, for example, Latitude 0° chose it to locate its luxury hotel.
Karanja Nzisa, the Sales and Marketing Manager of Latitude 0° explains, “The natural beauty of the area, proximity to the airport and city made it the perfect spot to attract people who want to stay or dine in luxury surroundings with guaranteed peace and tranquility, helping people escape to a world removed from the frenetic energy of the city.”
Jakana Heights Luxury Apartments is another example of premier investors choosing Konge Hill. The apartments sit atop Konge Hill and look over the picturesque view of Lake Victoria. With such a strategic location, the property offers a smart investment, as its upcoming area ensures investment value that will increase quickly over time.
In terms of lifestyle and leisure, there is a range of options at Konge Hill to suit the needs of first-time homeowner families and those investing for their retirement, Mr Lutalo adds.
The surrounding area provides hiking trails, jogging areas, and beautiful locations for a family picnic.
Apartments such as Jakana Heights can take full advantage of the growing luxury facilities of the area.
Mr Lutalo further explains that places like Latitude 0°, mean wellness centres, swimming, a bar for drinks with friends, or a quality restaurant for family celebrations are on the doorstep.
He advises that when deciding on which area to choose, ensure you take a look not only at the established areas in Kampala but also at the up-and-coming locations, particularly those with the three key attributes of a smart investment area.
Mr Lutalo adds: “My top tip for smart property investors; is always to have in mind that developing areas are constantly changing, and what was once somewhere you had not heard of can quickly becomes a smart investment area within months or a few years.”
READ MORE LIKE THIS:
Property Investment Remains a Valuable Wealth-Creation Strategy