The Center for Affordable Housing Finance (CAHF), a South Africa-based real estate organisation, has committed to build 5 million homes in Uganda in a bid to address the country’s housing crisis.
Speaking at an annual event dubbed the African Union for Housing Finance (AUHF) Conference in Kampala, Uganda, CAHF Executive Director and Founder, Kecia Rust affirmed her organisation’s plan to help alleviate a crisis that has plagued the country for decades.
The Conference, which is being held from October 17th to October 19th, 2017 in Uganda at the Kampala Serena Hotel, is aimed at engaging the housing value chain in order to grow the country’s real estate sector.
Uganda has 6.2 million housing units in with 1 million in urgent need of upgrading, according to a recent AUHF report. The report also notes a disparity between the country’s income levels and housing prices due to a developer focus on high end units.
The situation has drawn attention from organisations like the Center for Affordable Housing Finance.
“We have a plan that over 5 million houses will be built with a projected period of 10 years in Uganda,” said Rust.
“Unsecured non-mortgage lending products is where innovation needs to happen,” she added.
Uganda’s Ministry of Housing has since called for proactive urban planning, land use and infrastructure development. The Ministry, which was represented at the Conference, said these reforms will help stimulate the country’s real estate industry.
The National Housing and Construction Company, a local firm, noted at the event that only 25% of the land is registered in Uganda making it difficult for potential developers to access facilities.
“We need to make the capital markets relevant to the real economy,” said Keith Kalyegira, CEO of Uganda’s Capital Markets Authority.
The Conference, which is being co-hosted by the AUHF and Housing Finance Bank of Uganda, will conclude with a Kampala Declaration, to be signed by the members of the African Union for Housing Finance. The declaration will set out key issues for attention to engage the housing value chain for growth across the African continent.
AUHF hopes to attract investors by promoting alignment with international standards within Uganda’s housing sector.