By; Jjunju Francis

26th Nov. 2020

Centenary Banks has again come up with another product dubbed “Real Estate Financing in the New Normal”,  that will see the bank engaging in Real Estate Financing a key catalyst in reducing the housing deficit in Uganda.

With the growing population currently standing at 42 million as per UBOS May 2020 statistics, there is continued need of addressing the issue of housing by putting in place practices that facilitate the growth of the housing sector in Uganda moreover with affordable and sustainable practices to ensure implementation.

In his opening remarks, In a virtual thought leadership engagement Edwin Musiime the sessions moderator and the CEO Crest Group revealed that “Uganda’s housing situation is characterized by inadequate homes in terms of quality and quantity in both rural and urban areas, with a deficit of 2.4 million housing units, out of which 210,000 units are in urban areas and 1.395 million units in rural areas.”

Statistic from Habitat for Humanity Uganda, Uganda’s population is projected to be about 48 million by 2022, which growth is expected to require more than 3 million more housing units.

Commenting on Centenary Banks involvement in Real Estate Financing,Abdul Kyanika, Manager Housing and Salary Business at Centenary Bank, revealed that with Real Estate financing, Centenary Banka customers can now have access to land procurement, financing the construction process and improving their homes through loan portfolio namely; Cente Land Loan, Cente Home Loan, Cente Home Improvement Loan, among others plus the Cente Mortgage Loan raging from Ushs. 300 million and above.

Kyanika also said they have partnered with Buganda Land Board, Universal Multipurpose Enterprise, Habitat for Humanity Uganda, to help Ugandans get decent and affordable housing facilities but added to say that stakeholders and leadership in Uganda should not forget that without a proper land tenure system, people cannot own land, therefore the need to form right collaborations for the housing deficit to be addressed through new opportunities like condominiums.”

He urged Government to continue to create a conducive atmosphere for the growth of the Real Estate Sector, by improving the social infrastructures like roads, utilities like electricity, water supply among others.

Muffaddal Yeolawala, Managing Director, Universal Multipurpose Enterprise (UME) explained that they  offer housing units ranging from a one bed room apartment to more than two, this is intended to offer customers an array of options they can work with as they address the issues of housing deficit and land ownership.

Habitat for Humanity Uganda, Ssimwogerere explained that, “innovation and technology are key tools that have facilitated the construction of reasonably priced homes at a cost of as low as Ushs 30 million, which he believes is a positive attribute in Uganda’s housing sector.”


Thursday 26th November 2020 01:35:05 PM