Many Ugandans in the diaspora (Diasporans) can testify that buying property back home can be very stressful and challenging. Thousands have been fleeced by their own.
Willy Mutenza, Chairman Uganda Convention-UK, concurs that the process of acquiring property in Uganda is fraught with risks. Many people have lost their hard earned money to unscrupulous friends, relatives, developers and agents.
Fortunately, all hope is not lost. There is now a trusted and easily accessible realty service provider who walks with the buyers as they identify, evaluate and invest in real estate opportunities that respond to their investment needs.
Thepromotar.com ‘A Diaspora Realty’ is an online property platform that makes it safer and easier for Ugandans worldwide to buy and invest in property with a special focus on the Ugandan market.
“This is a Uganda-focused diaspora initiative supported by the London Chambers of Commerce, UK-Uganda Convention, YuFundMe, MM2Capital and Indian Diaspora Network,” Mutenza reveals.
The platform will perfectly connect approved and certified developers, sellers, service providers, agents, real estate consultants and financial providers to clients and investors in Uganda and the diaspora.
In other words, it provides all potential buyers, sellers, landlords and tenants with an exceptional property search while linking them to a variety of experienced service providers in the property value chain.
Owning property made easy
“Diaspora Realty aims to ease the whole process of owning a property,” Mutenza affirms.
On this digital platform, people have access to all the information they need on any listed property and service providers.
It also provides digital consultation to diasporans on finance and real estate. With just a click, people can choose the property or service they want, and the appointed legal partners will be availed to handle the process to ownership.
Therefore, by carefully vetting all properties, service providers and consulting partners before listing, Ugandans in the diaspora and within Uganda will be at ease, confident and secure in their transactions.
“Our team and partners are professionals with cognate experience in banking, property development, construction and property management,” Mutenza says.
He adds that they also have experts in real estate law customer services, land acquisition, architecture, landscaping and interior design among others.
The buyer is well protected
This model is designed to address the risks diasporans and the rest of Ugandans face while buying and investing in property in Uganda.
“We have a team of experts that does the vetting or screening for quality assurance of all our listed partners, developers and properties before they are listed,” Mutenza assures.
These experts are armed with experience and capacity to deliver.
How the portal works
You simply log on the portal where you will find guided search headlines that will lead you to your areas of interest. You can also set up instant property alerts.
“There are hundreds of thousands of beautifully presented services, land, homes for sale or rent at all price range across Uganda,’’ Mutenza emphasizes.
Every property or service you see on the portal is readily available on the market with estate and letting agents, new homes developers, consulting partners and service providers who are experts in their local area.
“So, whether you’re looking to buy, let, rent, sell, construct, seek or provide financing, consultation, management and legal advice, we are here to improve the way you search,” he says.
How diasporans impact Uganda’s economy
Ugandans in the Diaspora are estimated to be 1.5 million according to the UN Human Development Report 2009.
World Bank and Bank of Uganda 2019 reports indicate that these Ugandans have been sending home over billions of dollars in the last three years.
In 2017 alone, they sent home $1.4 billion though that figure has recently slightly fallen due to Covid-19 global economic down-turn. Nevertheless, Diaspora remittance remained the country’s largest source of foreign exchange earnings contributing 5% of Uganda’s GDP.
This in essence means that many will need to invest this money and real estate offers a wonderful vehicle for them.
“Diasporans need to think about their future proactively where their investments will be able to create a stream of cash flows to enable them to finance their daily needs while providing bankable assets to access financing for other multiple investments,” Mutenza opines.
With a massive gap in housing demand versus supply, economic growth, rapid urbanization and an expanding middle class, the real estate sector offers an almost guaranteed return on Investment.