Ignorance of Condominium Law Leads to Unregulated Real Estate Market

Audio 1

The limited success of the real estate market in Uganda is caused by the lack of knowledge of the Condominium Law.
Sewajjwa Kyeyune, the Assistant Commissioner for Estates Management in the Ministry of Lands, says real estate brokers have not taken advantage of the provisions of the law. He says the result is that they work in an unregulated environment that hinders their success.
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Vincent Agaba, the President of the Association of Real Estate Agencies in Uganda, says the understanding of the Condominium Law is essential in planning for the sale and purchase of property. He explains that condominium property plans provide meaningful alternatives in the country because of the fast rising population. More people can be housed in smaller spaces.
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The Condominium Property Regulations that came into force in 2002, gives property developers and brokers a chance to sell off property to corporations or individuals in units.