This comes at a time when the real estate market is slowly recovering from the coronavirus pandemic
Kampala, Uganda | JULIUS BUSINGE | Kampala has an additional condominium property that is open to those looking for high end homes with services that meet their living expectations – Bukoto Living Condo Project.
The project owned by the children of city tycoon Sudhir Rupaleria, Rajiv Ruparelia and Sheena Ruparelia, was unveiled on March 21.
The property is a 9-tower building in Bukoto, housing 27 condominiums in a 2-3-4, 5-bedroom configuration, all for sale. Construction began in 2018.
Bukoto Living is located on the borders of Bukoto, Naguru and Ntinda regions. The locality is a mixed residential and commercial area with many small businesses, non-governmental organizations, supermarkets, hospitals, schools, places of worship and high-end shops.
Experts define condominium as a system of separate ownership of individual units in a multi-unit building, the individual units of which are designated for separate ownership and the remainder of which is designated for common ownership only by the owners of those units.
Condominiums are the rapidly emerging concept that Ugandans are embracing despite the fact that condominium laws were passed and enacted almost 20 years ago.
Condominiums in Uganda are governed by the Condominium Ownership Act No. 4 of 2001 and the Condominium Ownership Regulations promulgated in 2002.
The Bukoto Living project is joining the condominium market, including Bugolobi Apartments, Bukoto Apartments and others, giving home-seeking clients the opportunity to choose what they want.
Uganda has the youngest and fastest growing population in the world, growing at 3.5% per year, which experts believe could create a housing crisis for all categories of the population in the near future. country.
The current construction rate is 60,000 units per year and experts warn that the deficit will reach eight million over the next 10 years.
Experts say the public should be made aware of the Condominium Ownership Act (2001), which in part suggests that investing in condominium properties helps optimize land use and save on the cost of infrastructure.
The condominium business is currently attracting middle-income Ugandans living in Uganda and abroad.
Standing on the roof of the property, Rupaleria’s Bukoto Living condo project offers a 360 ° view of all of Kampala. And it takes about 20 minutes to connect to the city center.
The property is a unique lifestyle with a swimming pool, rooftop bar, terrace, restaurant and leisure area with luxury living.
The cost of the houses ranges from US $ 168,000 to US $ 362,250 depending on the size.
The 2 bedroom apartment has 160 m² of space distributed in 2 bedrooms, a kitchen, living room, dining room and an additional room for the housekeeper and a balcony of 12 m².
The 3 bedroom apartment offers 200m² of space, with a 27m² master bedroom, 2 double bedrooms, living room, kitchen, maid’s room and balcony.
On the other hand, the 4 bedroom apartment consists of 315 m² with a large master bedroom (38 m²), three other spacious bedrooms, a kitchen-living area and two balconies plus a maid’s lounge.
The 5 bedroom penthouses offer 2 floors and 345m² of luxury with a master bedroom of 53m² and four other equally large bedrooms.
The new project comes at a time when global economies are slowly recovering from the COVID-19 pandemic crisis which has negatively affected demand for properties, goods and services.
In addition, interest rates on mortgages to secure condominiums remain very high, with commercial bank lending rates varying between 18% and 22% per annum.
Kampala, the capital and largest city of Uganda, has the most expensive accommodation in the country.
The average price of two- and three-bedroom apartments in Kampala’s prime residential areas over the past two years has averaged $ 280,000 and $ 325,000, respectively, according to the real estate and consulting firm. Knight Frank.