{The housing backlog and other challenges facing the real estate market will be on the agenda at the Rwanda Property Forum this week. The Real Estate Association of Rwanda is hosting the forum to promote awareness of the local property market.}
The free three-day forum will take place at Lemigo Hotel from March 5-7. Leading property portal Lamudi Rwanda, one of the exhibitors at the event, will be educating people on the state of real estate in Rwanda. The company will also discuss measures that can be taken to boost the property market during 2015.
According to the Rwanda Development Board, Kigali alone needs a total of 458,265 houses by 2022. In 2015, 114,197 houses have been built. The demand for affordable housing in Kigali is estimated at 30,000 units per year, according to a 2012 survey done by city authorities.
Wunmi Osholake, Country Manager of Lamudi Rwanda, said: ‘This is a good opportunity for investors and those interested in real estate in the country learn about the property market and to educate themselves about what people are looking for against the supply.
We will have statistics that show the gap between the supply and demand in the market and we will propose solutions on on how to bridge this gap to make sure we are meeting the housing needs of the people of Rwanda.”
Residential houses for the low and middle income brackets are in high demand due a growth rate of 2.89 percent per annum. Construction and real estate are expected to drive the economy in the coming years due to the demand of residential properties. Projects such as the 50 million USD UAP Project introduced last year aim to provide more housing in Rwanda.
Another trend that is likely to be discussed at the event is the development of online real estate marketplaces like Lamudi. The Internet penetration in Rwanda is growing significantly with over nine percent of the population using the Internet in 2014, compared to seven percent in 2011. This trend is expected to accelerate over the coming years as more people incorporate the Internet into everyday activities, including searching for property.
{{ABOUT LAMUDI}}
Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets. The fast-growing platform is currently available in 32 countries in Asia, the Middle East, Africa and Latin America, with more than 800,000 real estate listings across its global network. The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online.
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