Why Ugandan Youth Favor Condos Over Detached Homes
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Loading... - Charles Biira
- 20 Feb 2023
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Condominium investment has become a popular trend in Uganda, particularly among young millennial investors who are increasingly recognising the potential of condos as a profitable and attractive investment opportunity.
With population and economic growth steadily rising, and government policies encouraging affordable housing, condos will continue to be a popular option for young millennial investors looking to invest in real estate.
Take, for example, 29-year-old John, a young professional who works in the banking sector. He was able to save enough money to invest in his first property, a one-bedroom condominium in the city centre. He purchased the property as a rental investment and has been able to generate a steady stream of passive income from rent. He plans to purchase more condos as rental properties in the future.
Another example is 25-year-old Sarah, a recent university graduate who works in the tech industry. She was able to purchase a two-bedroom condominium in a newly developed area of the city. She plans to live in the property for a few years before renting it out as an investment.
In addition to John and Sarah, many other young millennial investors are turning to condos as an investment opportunity in Uganda for several reasons, as noted below.
Affordability
One of the main reasons why condominium investment is so appealing to young millennial investors is its affordability.
With the growing Ugandan economy, young professionals have greater access to property ownership. The World Bank reports the Ugandan economy grew at 4.6% during 2022, which was faster than anticipated. The economic recovery is expected to continue, with GDP projected at 6.2% in 2023. This economic growth is creating jobs and boosting incomes, which is leading to more young people being able to afford to buy property.
However, high house prices in urban areas often prevent young people from buying single-family homes. Condominiums, on the other hand, are often more affordable, making them a more accessible option for first-time buyers.
Appreciation Value
Condominium investment offers good potential for appreciation in value over time. This is particularly true in areas that are experiencing population growth and economic development. As the demand for housing increases, so does the property’s value, making it a good investment opportunity for those looking to buy and hold for the long term. Read More…
