Uganda's housing deficit stands at 2.4million units

With the country’s population approaching 50 million and projected to hit 100 million in the next quarter century, the minister said deliberate steps are needed to provide adequate housing.

Widening Housing deficit

The Minister noted that the housing gap for Kampala city has now exceeded 100,000 housing units, while the urban housing gap stands at 210,000 units.

Minister Bahati interacts with Mrs Jane Baine pulse uganda

At the national level, Bahati said the country needs over 2.4million housing units.

The Minister was speaking at the official opening of the Ugandan subsidiary of Vaal Real Estate in Kampala.

The Turkish company with operations in the Middle East, Kenya, Ghana, Egypt, Turkey, and the U.K.; opened its Ugandan branch with the launch of what is touted to be the tallest residential building dubbed Cadenza Residence in the heart of Kampala.

Cadenza will be the tallest residential building in Uganda pulse uganda

The building will be located on Plot 1 along Katonga Road and will feature 24 floors, including five duplex complexes on the 23rd and 24th floors.

It is expected to be completed in 2027.

Hon Bahati in his remarks advised Vaal and other real estate players to take advantage of the existing tax incentives for the housing sector and the overall conducive environment provided by the government.

Some of the guests that graced the launch pulse uganda

“In Uganda, we are running a privately-led economy and the government commits to provide a good environment for you,” he said.

Vaal Real Estate has partnered with the Baine Family, who provided the land on which Cadenza Residence will be erected.

Jane Baine, representing her husband, Gregory Baine, said as joint venture partners, they believe the decision to invest in Uganda's real estate sector is "timely." "You've made the process of our partnership very smooth," she said.

Ministers David Bahati, Keefa Kyofatogabye of Kampala and KCCA Deputy ED David Luyimbazi pulse uganda

Islam Mohamed, the Chief Executive Officer of Vaal Real Estate Uganda, said they welcome the "opportunity to be part of the growth and development of the Pearl of Africa."

"Together with the support of partners and the community, I'm confident that we'll achieve great success and leave a legacy that we are all proud of," said Mohamed.

Majeed Saad, the Group Chief Executive of Vaal Real Estate promised more projects in Uganda pulse uganda

Majeed Saad, the Group Chief Executive of Vaal Real Estate, noted that they have been in Kenya for about eight years and already have five projects, with more set to be launched this year. In Ghana, they have four, and two more will be rolled out in 2024.

Cadenza Residence will be completed in July 2027, and Mohamed said they plan to undertake six projects in Uganda in the next three years.