The Minister for Lands and Urban development Beti Olive Kamya has called upon foreign investors to come in and develop Uganda’s housing sector, stating that although it is one of the fastest growing sectors in the country, there is need for foreign investment to make it even better.
Speaking at the unveiling ceremony of Aesthetics’ first ever Architectural project held during the Sustainability Development Summit 2020 at the Kampala Serena Hotel, Kamya revealed that the cost of housing is too high as per now and needs to be worked on.
“The cost of housing in Uganda is still very high and as government, we need to bring it down. By so doing, we need to expand the economy by substituting importation of goods with local exports to different countries,” the Minister said.
She noted that there are a lot of opportunities in Uganda when it comes to the housing sector.
“Uganda’s housing sector is largely growing and has diverse opportunities for both local and international investors whom we are looking forward to for further development,” she said.
Kamya also cited that Uganda is facing a serious problem brought about by effects of the free market arrangement that renders the government less control of the housing sector, “we cannot label or decide on rent fees due to the fact that Uganda operates a free market economy.”
The event, organized by Aesthetics Group, KCCA, Ministry of Housing, Housing finance bank and Crest Group which attracted several speakers from the UK and India among others, was aimed at bringing together experienced experts to forge a way forward on how the housing sector in Uganda will progress in the near future.
They were also joined by local key note speakers whose main concern was to steer a well curated narrative towards housing and city building that is driven along the defined boundaries of sustainability.
The panel included Judy Kyanda, MD Knight Frank, Eng. David Luyimbazi KCCA Dep. Executive Director, Mrs. Peace Kabunga Executive Director Housing Finance Bank and Ar. Juzer Chahwala founder Aesthetics group among others.
Speaking at the event Ar. Huzaifa J. Chawhwala, founder Aesthetics group cited that, “Our agenda is to play apart in a new era where sustainable housing and cities will be defined greatly by efficiency. Construction and use of buildings is responsible for huge global energy-related emissions and a more sustainable approach is key to not just our survival but so for the future generations.”