How property valuation process calculates property’s value?
Commercial leases typically range from one to six years, although terms of ten years were achieved at Rwenzori House. Where present, the frequency of rent reviews varies with most tending to be pre-agreed fixed percentage increases, although review to market is becoming increasingly used.
There are no statutory laws governing property brokerage in Uganda. fees to agents are normally the equivalent of one month’s rent, payable by the landlord. Sale fees range from 3-10% of sale price payable by the vendor. Scale fees dictate minimum legal costs of 5%, though discounts are available and are met by either party, depending on the outcome of negotiations.
Stamp duty is levied at 1% of sale price and is also applicable to leases of over three years upon registration, whereby 1% of total rent for the duration of the lease can be payable by the tenant. Income Tax on gains from disposal of assets (effectively Capital Gains Tax) was introduced in 1998 and is applicable to all property transactions at the current rate of taxation, presently 30% for corporations and a maximum of 30% for individuals.
house valuations Kampala’s CBD lies along Kampala Road in the heart of the city. The bulk of commercial development, mainly in the form of multi-storey mixed-use developments, is concentrated in this area, with new development spreading northwards into Nakasero Hill.
of moderate quality in the CBD. Rwenzori House in Nakasero came onto the market in 1995, providing nearly 4,000 sq m of high specification office space with an element of semi-retail accommodation.
(started in the late 1970s), the refurbishment of EADB House (built in the late 1960s) and construction of Centre Court, Commercial Plaza and Conrad Plaza. Most of these schemes are lacking either in design and specification or suffer.