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Lands ministry looking for investors in housing sector

By Prossy Nandudu

Added 3rd October 2016 12:52 PM

At National housing, a three bedroomed house goes for about sh300 million which majority of Ugandans cannot afford, according to minister of state for housing, Dr.Chris Baryomunsi.

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At National housing, a three bedroomed house goes for about sh300 million which majority of Ugandans cannot afford, according to minister of state for housing, Dr.Chris Baryomunsi.

The ministry of lands housing and urban development has launched a search for investors in the housing sector to provide cheap but decent houses.

This is one of the alternatives of helping Ugandans access decent accommodation at affordable rates, since many cannot afford the rates offered by National Housing and Construction Company.

At National housing, a three bedroomed house goes for about sh300 million which majority of Ugandans cannot afford, according to minister of state for housing, Dr.Chris Baryomunsi.

"As government plans for the army, policemen, teachers, the rest can benefit if more investors are attracted into the country to invest in such sectors," said Baryomunsi.

The other alternative according to the minister is to reduce taxes on construction materials like, cement, roofings and floor tiles, iron sheets, iron bars among others to bring their costs for all to afford.

"I have interfaced with some investors from Brazil with latest technologies in housing who are willing to come and talks are continuing with others in Europe among other countries," said Baryomunsi.

The other option which government is pursuing is the creation of a fund for credit in Housing Finance Bank to offer credit at low interest rates compared to the current rate of 23%.

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