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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