Government has embarked on passing the real estates, agents/brokers bills in order to regulate the buying and selling of real estates property.
In a joint meeting on Friday at Makerere University Business School kampala between government and real estates agents under their umbrella, Association of Real Estates Agent Uganda (AREA).
This purposed at sharing the findings from a research carried out on real estates and brokers industry in Uganda.
The assistant commissioner Human Settlement in the department of planning, Ministry for Lands Housing and Urban Development Mr. Dramani Santino, urged government to fasten the implementation of the real estate bills because it adds to the levels of taxation in the economy.
Dramani added, government is to therefore grant the bill with intentions of promoting professionalism in the sector but should first track the process of formulating the bill so that Parliament can pass it into an act this very year.
He however explained, a body should be registered to prescribe the do’s and don’ts since failure to agree on some concepts as government is what has been causing delay in implementing of the bill.
In a similar research, conducted on real estates between November 2021 and March 2022 in four districts of Uganda like Mbale, Kampala, Mabarara and Gulu indicated that the industry has alot of challenges registered which arise from distrust and unprofessionalism, Ms. Racheal Mirembe Arinaitwe, Makerere University Business School lecturer, department of commerce noted.
She however described, the research was funded by the government of Uganda and some among the challenges registered include, untrained brokers, corrupt police officers, bureacracy, no tenants agreement, land wrangles, lack of a clear identification and unlawful evictions, Mirembe added.
According to Mirembe, “Real estates contribute about 7.5% of the GDP and directly links with about 260 different industries.”