Uganda's Real Estates and Property Sector to get Regulations
Uganda's real estates and property sector is set to go professional with the set of standards through the Association of Real Estate Agents Uganda (AREA).
With the number of property and estate agents doubling each new, day, AREA together with other stake holders drew a bill that is set to govern practices of individuals within the industry.
Peter Kabiri an executive member of AREA told East African Business Week that the industry is characterized by unprofessional practices including conmen that have led to doubts in the agents' work industry.
"To date there are many individual who double charge both the sellers and buyers of the property leading to low standards and so the only way is to formulate laws like the bill before parliament that will among others eliminates such practices," Kabiri explained.
AREA was one of the participants at the 3rd 2012 Real Estate and Homes Expo organized by Buganda Land Board and the Ministry of Lands, Housing and Urban Development in Uganda held at the Bulange gardens home of the Buganda Parliament.
This year's expo that was rebranded with the intent of making it international attracted a range of real estate and property agents as well other stakeholders in the construction industry from within in and outside the country.
Saul Katumba Head of Corporate Affairs Buganda Land Board said the expo attracted over 10,000 registered visitors and 500 exhibitors in various categories in the real estate and homes, including corporate investors, property managers, construction equipment suppliers, real estate agents, property owners, contractors, and solution providers, Financers and Interior Designers among others from Uganda, Africa and beyond.
"The "Real Estates and Homes Expo 2012" created platforms through which business relations and professional practices can be realized in the sector given it being one of the fastest growing sectors in the country," Katumba explained.
Kenjeya Emily Marketing Manager Jomayi Property Consultants said real estate is highly dominated by fake practitioners who con people of their money and so formulating laws can help drive out such people.
"Training and accreditation should be made part and partial of the industry to save innocent clients from conmen," Kenjeya explained.
Commenting about the latest innovations in the sector, Kenjeya revealed that Property and real estate has move from just selling property to managing and developing to suit interests of the people.
"As we progress, we are more into brokering well developed estates and plots as well as other properties to catch a glimpse of the developments," she added.
Allen Kisakye marketing manager Fundi Property Agents and Developers said the sector proves most reliable in the nearby future with extension to outside Kampala to include more of agricultural land than residential plots.
"The future of the sector rests in the investment of more agricultural premises to support the back bone of the country," Kisakye said.
By Eriosi Nantaba The East African Business Week 07-May-2012