New law in offing to regulate real estate sector
Ms Nabakooba said to date, Uganda still has a deficit of more than eight million housing units and it is looking at several stakeholders to fill this gap including the real estate industry. PHOTO | FILE
The government has begun working on a new law aimed at regularising the operations of the real estate industry, Lands minister Judith Nabakooba has said.
In an interview with Daily Monitor at the weekend, Ms Nabakooba said they are currently conducting consultations with stakeholders.
“The law has been talked about for a long time. We discussed it, deliberated on it and now, we are engaging the real estate agencies and other stakeholders to see that everyone is catered for,” Ms Nabakooba said.
She added that the law will be acceptable and meet the demands and requirements for the real estate business to thrive and grow.
“As a key sector, you have so many individual players like brokers and investors. The industry must be regulated,” she said.
The minister added: “The industry must be able to have a system that stipulates punishment for those who go against the code of conduct. Members of the public must be in a position to know where to report in case a real estate agent fails to provide the agreed-upon services. The real estate industry needs to win the trust of the public in order for it to realise its best possible outcomes.”
Ms Nabakooba said to date, Uganda still has a deficit of more than eight million housing units and it is looking at several stakeholders to fill this gap including the real estate industry.
She encouraged those in the real estate business to look out for solutions for the housing needs of low-income earners.
“We must work together to ensure that we extend opportunities to all Ugandans regardless of their incomes to be able to have a place they can call home. Everyone wants to have a good house and an affordable house, everyone wants to live in a well-planned and safe environment,” she said.
She added: “We are working together with private investors like Buildnet and I am sure we will be able to solve the challenge of housing shortages.”
Dr Ibrahim Ssemaganda, the executive director of Buildnet, a real estate company, says issues of quality within the housing sector need to be addressed in the new law to ensure value for money.
Mr George Tamale from Three Ways Real Estate said the new law should ensure that whoever works within the Lands ministry is put on a contract basis.
Statistics
According to the Lands ministry, more than 2,000 housing units are set up annually. The government has put in place policies and legal frameworks including The National Land use policy 2009, The National Land Policy 2013, The National Housing Policy 2018, and The National Urban Policy 2016 to provide a conducive environment to thrive.
