Real estate firms scramble for Rwanda $350m market
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Kigali CBD: Statistics from the National Bank of Rwanda show that an estimated 25,000 new houses have to be built annually in urban areas for the country to meet the demand for urban housing. Picture: Morgan Mbabazi
Investment in Rwanda’s real estate and construction industry has grown by 250 per cent from $100 million to $351 million, between 2003 to 2008.
Speaking to about 250 delegates from East Africa attending the “First Construction and Real Estate Roundtable” at Serena Hotel on May 21, officials added that about 780 hectares were available for the development in Kigali’s Central Business District.
It is this news that saw 10 real estate and construction companies — including five from Uganda and four from Kenya — register with RDB to invest in real estate investment projects worth $3.5 billion.
According to RDB director general Jack Kayonga, the Kenyan companies include Graceland Holdings, Kingsley International, Bora Capital and Investeq, an asset finance and venture capital firm.
Ugandan companies included the Sembule Group, the Darc Group, Costa Construction and the White Light Group.
Rwanda has lined up investments for a master plan for Cyangugu, Kibuye and Kigali. There are also substantial land parcels in different parts of Kigali designated for housing development.
Statistics from the National Bank of Rwanda show that an estimated 25,000 new houses have to be built annually in urban areas for Rwanda to meet the demand for urban housing.
