Explore new apartments, land estates, houses and land in Uganda!

Land estates a possible solution to ease affordability crisis

WITH the median house price in Kampala now 150,000,000 Ugx, buyers are turning to new estates on the suburban fringe — where land packages sell for as little as 10,000,000 Ugx — to get a foot on the property ladder, according to industry experts.

New condominium apartments in Kampala’s residential communities are proving considerably more affordable than the average established house.

When discussing affordability, it’s vital to remember the key is the land itself, rather than the house,

The costs associated with the house have not increased significantly; it is the land that has escalated. 

Areas located closer to the city will be more expensive than those on Kampala’s outskirts. As you begin to move further away from the CBD, the price of the land tends to drop lower and lower.

Estates had come a long way.

Estates have revolutionised over the past few decades and now encompass all the infrastructure required for younger or growing families.

Often, you’ll now find almost an entire suburb within a large estate that offers schools, shops, medical centres and even sporting and recreation venues.

This is generally incorporated into the planning of the estate, meaning residents will not be left waiting years for the essential amenities to be built.

The reality is when affordability becomes an issue, you will need to make some sacrifices, and distance is potentially the most favourable if you get to live in a beautiful new home.

WHAT TO LOOK FOR IN ESTATE LAND

Looking to buy land in an estate? Want to know what to look for? Keen to understand what makes one estate better than the next?

While it’s easy to be dazzled by the glossy brochures used to market land estates, I say knowledge is power when it comes picking the right one.

Avoid new property altogether”, “shiny and new” estates remain a popular choice with owner/occupiers, especially first-home buyers, due mainly to their affordability.

Buying any property is a long-term decision, so people need to take a long-term view when they are looking at estates.

Understanding the dynamics of supply and demand is key.

First and foremost, no matter where you are in Uganda, you need to understand the effect supply has on property values.

It’s simple, supply is a growth suppressant.

So, if you’re looking at an estate on the fringes of the urban footprint of a larger centre, with lots of available land around it, logic would suggest there will more and more land developed and that will impact prices in the long run.

In-fill developments, closer to the centre of a large city, are often more favourable.

When it comes to the estate itself, buyers should look closely at what is already on-site amenity-wise and also at what it will look like in the future, based on careful research.

Every city council has a town plan every three to five years, which outlines what will happen with land in a given area. Buyers should look at these documents, not just take on face value what the developer says, to understand what is actually planned, not just what is proposed, slated or hoped for. What will the location look like once all the plans are implemented? That’s the key thing.

Being close to good road links, reliable public transport and employment hubs are also very important, as these attributes help property hold value.

It’s pretty simple to think, ‘how will I get to work if we buy here?’ but also think about how future buyers might get to work. Is it close to a good road? Is it near a bus stop, for example? These are important considerations.

Lastly, scrutinise the developer, he says.

Before signing a contract, check the reputation and track record of the parties involved.

FOR MORE INFORMATION VISIT OUR WEBSITE: https://spectrumproperties.co.ug