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Property valuation is the process used to find properties price

Prospects for future rental growth are location specific and will be increasingly underpinned by high quality management and security. Typical inclusive rent levels in these complexes for a three to four bedroom unit will range from Kshs 60,000 per month (US$810 per month).

Large houses in Muthaiga can still attract exclusive rents in excess of Kshs 220,000 per month (US$3,000 per month). Residential prices vary similarly from Kshs 5 million (US$68,000) for a three to four bedroom middle market apartment in Westlands to Kshs 45 million (US$600,000) for a five bedroom house in Muthaiga. Home valuation services Uganda has emerged as one of sub- Saharan Africa’s relative success stories having made great economic strides after years of political turmoil and economic disintegration triggered by Idi Amin’s rise to power in 1971 improved investment and exchange regimes and privatisation of the majority of the 100 plus public enterprises said, Aaron Campbell.

 Uganda registered an average annual GDP growth rate of 6.5% in the 1990s, reaching a peak of 10.6% in 1994/95. over the two years from 1996/97 but recovered in the 1998/1999 financial year, with growth of 7.8%, as climatic conditions returned to normal.

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Property valuation deal with evaluating full property to find its price

Yields on Treasury Bills, which dictate interest rates, have been below 10% over most of the past two years. Prime lending rates have declined from over 40% in the early 1990s to a present level of 14-20% for shilling loans and below 10% for dollar loans.

Uganda’s regular rainfall and fertile land provide the basis for its diverse agricultural sector, which accounts for 43% of GDP. ganda is one of the largest producers of coffee in Africa. Other principal crops include tea, tobacco and cotton. The country also has substantial deposits of copper and cobalt. Uganda’s trade balance, at minus US$1.02 billion in 1998/1999, was down by nearly 20% from the previous year and was the first improvement in a number of years.

Coffee accounted for approximately 55% of export revenues in 1998/99, followed by tea, tobacco and fish, while the main imports were machinery and fuel. Principal trading partners include Kenya, the UK and Germany. Museveni held presidential and general elections in 1996 and was returned with 74% of the votes cast. Political parties are currently banned under the Ugandan Constitution, but a referendum is to be held in late 2000 to determine whether multi-party elections should be held in future or whether candidates should continue to run for office independently of political parties.

The city’s property stock fell into disrepair until stability resumed in the late 1980s. experienced property valuer Land tenure in Uganda is complex with four different types of title in existence. The typical lease term in urban areas is 49 years

which can, in certain cases, be extended to a maximum of 99 years. The planning system in Kampala is based along the lines of the UK model. While an established planning system with statutory development plans is in place, the City Planning Authorities often lack the capacity to enforce development control and therefore rely increasingly on participation.

The growing need to upgrade the city’s infrastructure is being hampered by the increasing amount of unplanned development taking place.

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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.

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Property valuation deals with simple and complex process both

Rwenzori Courts in Nakasero, providing 6,200 sq m of very high specification office and quasi-retail space, reached practical completion in February 2000. Property valuation controls examining The development has attracted strong interest.

Serviced offices in Kampala are available at the Sheraton Hotel in the city centre, which has a total of 32 units. Approximately half of the units are let to long-term tenants, with the remaining units having an average occupancy rate of around 50-60%.

The most significant new supply will be the twice-stalled Workers House, which is due to be completed in late 2000 and will provide 11,700 sq m of office space. Construction of the scheme commenced in 1973. and is likely to absorb much of the midsector demand. With the current depressed economic climate and falling rents, few immediate starts are expected.

Current demand at the top end of the market comes primarily from the diplomatic and aid community and some international companies, who seek high standards of accommodation but remain relatively insensitive to price and are less constrained by the relative weakness of the local economy. However, with the recent completions of Centre Court and Rwenzori Courts, supply and demand in the prime market appear to have reached a state of equilibrium. Demand as a whole is being largely driven by tenants trading up in both area and quality as more space enters the market.

Most banks’ reluctance to lend for a term of more than five years means that long-term finance is not readily available. Finance for commercial property therefore tends to be as equity or in the form of overseas loans.

While sale transactions of prime offices are infrequent, an increasing number of secondary offices are being put on the market as poor management and falling rents affect profitability. Yields for prime offices are currently around 11-12.5%, while more moderate properties would be expected to achieve 12-15%.

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The valuation prices and valuation works

Office rents in Kampala peaked at US$18 per sq m per month in 1995, when economic growth was at its highest, but have since fallen with the slow-down in the economy. Prime rents are currently US$16.50-18.00 per sq m per month, with moderate space in the CBD letting at US$10-14 per sq m per month, exclusive of service charge. Service charges range from US$1.50 per sq m per month for moderate accommodation to US$4.00 per sq m per month for centrally airconditioned accommodation.

but reconciled service charges are rare and the building overheads are usually subsidised from rental income. Rents for older, unmodernised offices tend to be inclusive of service charges. Serviced offices at the Sheraton Hotel are let at between US$40-60 per sq m per month, depending on the level of services provided.

The prime retail pitch is located along Kampala Road with secondary retail provision lying in the area to the south and west of Kampala Road. The Sheraton and the Grand Imperial Hotels in the city centre incorporate small shopping malls, with units sizes of 9-30 sq m, but cater primarily for resident guests. The shopping arcades within Uganda House

Uganda Commercial Bank and Diamond Trust Building along Kampala Road, together with the newly constructed Colline Mall, are the most prominent arcades in the city centre comprehensive property valuation providing units of between 20-100 sq m. A number of retail centres are emerging in the residential suburbs of the city, aiming to serve the surrounding population, the most significant of which are at the Kampala Road/Bombo Road junction to the north-west of the city centre and in Kisamenti and Muyenga/Tank Hill, to the north-east and the southeast of the city respectively.

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Property appraisal online calculator & Valuation

Kampala’s retail profile has started to transform with the entry of South African retailers into the market. Metro Cash and Carry and their ‘Lucky 7’ franchise opened up in Kampala in mid-1999, and in contrast to Nairobi, face little local competition. Fast-food operators Nandos and Steers have recently opened their first outlets, while the Shell Select shops have provided a franchised chain of small food shops throughout the city.

A number of further proposed shopping centres in the city have received planning consent, but none have proceeded to the construction stage to date.

Smart and licensed property lawyers will do an inspection of the real estate property and provide you maximum and original values of your residential or commercial properties more info visit at Valuations SA. This year’s rise in the stock market

As with the rest of East Africa, retail rents tend to be based on unit price as opposed to a price per sq m. Retail rents peaked in 1995 at around US$25 per sq m per month plus periodic payment of goodwill for standard retail units in the city centre. Current rents range from US$14-18 per sq m per month for a standard high street shop to US$80 per sq m per month for a small, untypical unit at the Sheraton Hotel.

The inward flow of expatriates, foreign diplomats and returned Ugandan and Asian exiles over the past few years, together with the added impetus that resulted from the Rwanda crisis of 1994/5, has boosted the demand for quality housing. The city’s residential market has grown rapidly in response, through the development of new housing as well as the renovation of older stock.

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Valuation and real estate market prices

Both of which are hills proximate to the city centre, yet provide a very pleasant environment with large gardens. The majority of prime houses in corporate and diplomatic hands are located in these areas. Bugolobi, Naguru, Mbuya and Tank Hill, lying further away from the city centre, cater for the upper/ middle market.

The apartments market in Kampala comprises city centre apartments on upper floors of commercial buildings, multi-unit complexes within large secured compounds and fully furnished serviced apartments. Prime apartments tend to appeal to shorter term expatriates seeking convenient accommodation, while the middle market, city centre range tends to be dominated by the Asian population.

In comparison to Nairobi, Kampala is a safe city, and the additional security offered by multi-unit complexes is therefore not as great a priority to most occupants. Serviced apartments have been the strongest performing sector in the residential market to date but are also the most sensitive to oversupply and economic circumstance, evident from the recent drop in demand and price for this sector.

Longer leases include reviews which can either be a pre-agreed fixed percentage increase, or to open market value. Rents for multi-units tend to be inclusive of service charges. The ever increasing supply of accommodation real estate valuation including the ongoing sale of Government housing stock, has been unmatched by demand, which has subsequently led to a decline in rental levels.

A three to four bedroom house can be rented for US$1,500-3,500 per month in Kololo and Nakasero, US$1,000- 2,500 per month in Bulgolobi, Naguru and Mbuya and US$500-1,500 per month in Tank Hill and Kansanga.

A two bedroom flat in Kololo would let for around US$1,300 per month. Rents for serviced apartments range from US$1,300 per month for a one bedroom apartment in Kololo to US$3,000 per month for a two bedroom apartment in the city centre.

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Valuation is able to increase your house price

Transactions in the residential sales market are rare with many owners preferring to build their own property. In contrast to Nairobi, a large proportion of individual houses are held for investment purposes, with most interest coming from private individuals. House prices have fallen in line with rental levels.

Property valuation is designed to handle house valuations of property for knowing property’s value. but demand is now increasing again in response to the sharp fall in prices and potential for a US dollar income during a period.

A three to four bedroom house in Kololo can be purchased for US$200,000 compared to peak values of up to US$350,000 in 1996.

After over 20 years of socialism, during which the economy fell into a state of decline triggered by severe drought and the 1973 increase in world oil prices, Tanzania is undergoing a remarkable transformation. which helped to stimulate growth by dismantling the system of economic controls and encouraging more private sector participation in the economy.

The continuing economic reform process through the 1990s has included the liberalisation of the agricultural sector, deregulation of exchange rates, fiscal and monetary restraint and a huge privatisation programme, emphasising the need for greater reliance on market forces and private sector participation in the development process. The economic progress has resulted in ongoing assistance from the IMF and the international donor community.

GDP growth in the early 1990s was still low as a result of rampant inflation, a stagnant industrial sector and a fall in tourism numbers. Growth has increased through the decade but was affected by adverse weather conditions and a drop in world commodity prices in 1997 and 1998. Growth is forecast to increase to 4.2% in 1999, rising to 4.5% over the next two years.

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