Wakiso houses most valued - report
What you need to know:
- Aggregate value. At 165,040, Wakiso District has the most number of proprietaries which gives it an edge when it comes to aggregate value.
Kampala. A report by Uganda National Bureau of Statistics, (Ubos) has rated Wakiso District properties as the most valued in the Great Kampala Metropolitan Area.
The findings from the Residential Property Price Index which was launched by Ubos on Wednesday, indicates that Wakiso has more propertie than any other area in Great Kampala Metropolitan Area.
“The results show that Wakiso has the largest share of stock value of houses in the Great Kampala Metropolitan Area of 39.5 per cent,” the index report reads in part.
The report, according to Ubos, is a broad measure of the movement of residential property prices in Uganda over a period.
The study only covered Great Kampala Metropolitan Area in Kampala, Makindye, Kawempe, Rubaga, Nakawa and Wakiso. Kampala Central, which was rated together with Makindye Division came in second with a stock value of 23.7 per cent.
Kawempe and Rubaga divisions scored a combined value of 23.3 per cent while Nakawa recorded 13.4 per cent.
The report was compiled based on the number and value of houses in an area and their average price.
According to the report, the average price of a detached house in Wakiso goes for Shs330m while a semi-detached goes for Shs426m. A condominium and flats go for Shs949m.
Kampala and Makindye detached houses on average go for Shs600m, semi-detached at Shs1.3b while flats costs Shs2.1b.
While Wakiso properties are rated lowly than Makindye and Kampala, they carry a high value when added up. Based on the National Population and Housing Census, Wakiso has more than 165,040 detached houses while Makindye and Kampala have 25,283 units.
The results also indicated that residential real estate prices decreased on average in the second quarter of 2016/17, recovering in the fourth quarter of 2017/18.
The price of properties in the Great Kampala Metropolitan Area have been increasing since the second quarter of 2017/18 when they grew by 12.6 per cent.
From October to December 2017/18, there was an 8.6 per cent growth compared to 3.2 per cent in the third quarter.
However, there was a 1.6 per cent decline in prices of houses in the first three months of 2018.
Nakawa has faced a lot of turbulences but recovered rapidly in the last quarter of 2016/17 only to drop in the first quarter of 2018.
Kampala and Makindye recovered fully in the fourth quarter of 2016/17 and have registered a record high in the last quarter of 2017, which later dropped in first quarter of 2018.